Los Che are third in the standings on 35 points, 12 above 10th-placed Villarreal, who themselves are still playing catch-up following a dismal start to the campaign.
"Valencia are without doubt one of the most dangerous teams in this division and have enormous potential up front," said Uruguay international Godin.
"They are a team who have a big goal threat and who count on a player like (David) Villa, who is one of the most dangerous strikers around.
"There's no need to be afraid of anybody, but Villa is definitely a striker that you need to respect.
"We must be very focused in defense and take advantage of our chances in attack."