The new contract will keep Canizares at the club till July 2009, sports director Amedeo Carboni told Spanish media.

The 37-year-old goalie was reportedly seeking a move out of Valencia in the summer after the club opened talks with Liverpool's Jose Reina and Juventus' Gianluigi Buffon.

Carboni also said that the club are in advanced stages of talks with veteran midfielder David Albelda and that a new contract is likely to be signed in January.