And Wigan boss Steve Bruce is delighted to have secured his services.
"He has pace, trickery, he is as strong as an ox and has a great work ethic," Bruce commented.
"Now that his future is sorted out, I want him to focus completely on his football and keep improving because I believe he has the potential to be a top, top player."
Valencia has made 35 appearances for Wigan since the start of last season, scoring one goal.
And the South American cited Bruce's influence and the tenacity of the fans for his recent run of good performances.
"You can see how the team is motivated now and I think he (Bruce) will be successful here in the seasons to come," said Valencia, who has 19 caps for Ecuador.
"I also thank the Wigan fans who often sing my name, which makes me really happy to be here!"