The pair may be rivals for Spain's No.1 jersey but the Barcelona shot-stopper would love to see his international colleague land the game's most prestigious individual award
After leading Real Madrid to the Liga title and Spain to Euro 2012 success, the 31-year-old is believed to be in the running for the game's top individual accolade, even if Blancos team-mate Cristiano Ronaldo and Barcelona duo Lionel Messi and Andres Iniesta remain the frontrunners.
Valdes, however, is just pleased that goalkeepers are finally receiving some recognition for their efforts.
"It's great to be able talk about Iker maybe getting the Ballon d'Or," the Blaugrana shot-stopper told Efe. "As a goalkeeper, I am proud that we can talk about this.
"At the end of the day, we are part of the sport too and it would be very, very good [if Casillas wins it]."
Valdes, who has been capped eight times by his country, was forced to play second fiddle to Casillas throughout Euro 2012.