Mbappe struck again on Sunday in Real's 1-1 draw at Girona.
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Speaking on Movistar+, Valdano said: "What Real Madrid needs to ask themselves is where they would be right now without Kylian Mbappé.
"The truth is that every performance by Mbappé is a true exhibition, and against Girona was no exception."
Valdano emphasised that "Mbappé showed a very high level. When the team was playing well, when the team was playing poorly, when the team was behind on the scoreboard, when the team was tied... He had a masterful performance.
"And yet Real Madrid still couldn't manage to win."
This season, Mbappe has 23 goals and three assists in 19 games.