The 35-year-old midfielder has been with Los Ches for the last 18 years but has found himself playing less frequently under current coach Ernesto Valverde.
“There is a 95 per cent chance I will not continue at Valencia when the season ends,” Albelda said to reporters.
“Could I stay? You always leave a small door open, but it depends on me and not the president or sporting director.
“I have always believed that I should leave at a time when it feels right. My first few months this season were complicated because I could not contribute anything.”
Speculating on where he could end up, Albelda doubted he would remain in his homeland.
“I practically cannot contemplate being in Spain. But, we will see when the time comes and the situations that arise.
“My idea would be to test myself abroad.”
In his almost two decades with Valencia, Albelda won two La Liga titles and the 2003/04 UEFA Cup as well as appearing 51 times for Spain.