Valencia general director Mateu Alemany expects Andreas Pereira to remain at the club until at least next summer, despite Manchester United having an option to recall the 21-year-old midfielder in January.
Pereira joined Valencia on a one-year loan deal in the summer in search of playing time and has made 13 La Liga appearances, seven as a starter, since the move.
Alemany said in a news conference: "His future depends on Manchester United. They have a deadline in early January which is in the hands of United and the player. We need to be prepared if this situation arises but I have no news that in January he could return there. We are very happy with him."
Pereira impressed while on loan at Granada last season, where he scored five goals and set up three more in 34 La Liga starts.
United coach Jose Mourinho said he was disappointed Pereira chose to join Valencia on loan instead of fighting for a starting place at Old Trafford this season.
Pereira signed a one-year contract extension with United shortly after arriving at Valencia and is tied to the Red Devils until June 2019.
The Brazil under-21 international said last month he would like to remain at Valencia beyond June 2018.
Valencia have enjoyed a strong campaign so far and are second in La Liga, five points adrift of league leaders Barcelona, heading into Saturday's game at Eibar.