The 31-year-old, who has announced he will leave the club in 2014, believes his fellow Spain international has the necessary quality and experience to replace him next summer
Valdes announced on Friday that he will almost certainly see out the rest of his contract which expires in June 2014, with Reina heavily touted as the favorite to replace him.
The 30-year-old came through the club's youth system and made 30 league appearances before joining Villarreal in 2002, and Valdes believes the Anfield star has the edge over any other potential replacements.
"Pepe is an international keeper who has shown his quality," Valdes told reporters. "He knows the club. We were here together in the past - he is a good friend of mine.
"He is a very valid keeper to play at any club in the world, including Barcelona."
Reina has already admitted he would find it difficult to refuse a return to his former club should it look to sign him.