Liverpool are close to a last minute deal to sign former Barcelona goalkeeper, as reported by the Daily Mail.
Reds boss Brendan Rodgers hinted in his post-match interview after his side's 3-0 victory away at Tottenham Hotspur that he potentially would bring in one more addition to Anfield on transfer deadline day, and it seems that the former World Cup winner is that man.
Valdes, 32, spent all of his career up to the end of last season at the Catalan club, making over 350 appearances for the Spanish giants. However, his time at the Nou Camp came to an abrupt ending, when he was not given a new contract and Barca drafted in Chilean international Claudio Bravo as his replacement.
It was rumoured this summer that the Spanish shot-stopper had been close to signing with Ligue 1 side AS Monaco, however Valdes' ACL injury that he picked up in March is still existent and put the super-rich club off a deal.
Despite Pepe Reina leaving this summer to Bayern Munich, it seems that the signing of Valdes is somewhat of a panic buy on the last day of the transfer deadline.
With Valdes still on the sidelines, and reportedly not fit until December, he will be no use to the Reds' effort for the first part of the season.
It's doubtful that the 'keeper will be looking for anything less than £70,000 p/w plus a hefty signing on fee - for a player who will be nursing an injury for a lengthy time, it seems daft to bring him in, given the situation.
For what could be available in the market, bringing an opposed goalie could make more sense than signing Valdes.
I'm not one of the former Barcelona number one's biggest fans - he's prone to making several mistakes and parry's the ball away most of the time instead of catching.
Instead, I think Liverpool would have been better chasing Diego Lopez from Real Madrid, before he made his move to AC Milan. Lopez is a solid goalkeeper, one who is rare to a mistake and makes some superb diving saves.
Other options include Asmir Begovic from Stoke City, who's talents far surpass the side he is currently playing for along with Mark Schwazer for back-up at Anfield, who is now third choice at Chelsea.
Competition is healthy
However, what Valdes will offer is stiff competition to Simon Mignolet, Liverpool's current first choice goalkeeper.
Last season, Mignolet made eight mistakes that directly led to his side conceding - more than any shot-stopper in the Premier League.
For a side who were, and are again, pushing for the league title, this is not good enough.
Mignolet last campaign had just Brad Jones to push him for competition, who is nowhere the level of the Belgian International.
However, with Valdes waiting in the wings, it could force Mignolet to cut those stupid mistakes out of his game as he knows he could lose the position of number one keeper a lot easier.