The Ecuador international is currently at the World Cup, and helped his nation to a 2-1 victory over Honduras last night. And today United confirmed on their official website that the 28-year-old has agreed a contract extension that will keep him at Old Trafford until the summer of 2018.
The contract also includes the option to extend for a further 12 months.
"My time at Manchester United has been like a dream come true," Valencia told United's website. "To be the first Ecuadorian player to win the English Premier League was a very proud moment for me and for my country.
"I am so happy to have signed a new deal and am looking forward to working with Louis Van Gaal. There is great team spirit within the club and we are all determined to get back to winning ways."
Valencia signed for United in a £15m deal from Wigan Athletic in 2009, and he's become a valuable squad player at the club.
Despite the uncertainty that a new manager brings - will Van Gaal rate Valencia as highly as previous managers - the Ecuadorian has shown admirable commitment by penning the deal.
The news comes in the wake of reports that claimed Liverpool boss Brendan Rodgers was lining up a surprise summer move for the winger. While these reports were probably unfounded, the contract extension is timely.
Those Liverpool transfer rumours have now been safely put to bed.