The winger has been linked with a host of clubs including Liverpool and Paris Saint-Germain, but he and los Che are still holding negotiations over a deal which would see him remain at the Mestalla until 2016.
The 23-year-old has been forced to delay meeting up with his Algeria team-mates ahead of the continental tournament being held in South Africa, and he excused being late to arrive as a necessity to secure his long-term future.
"I am in a dilemma," Feghouli expressed to reporters in Algeria. "I have not extended my contract with Valencia and if I go before [it's done] then I'd run the risk of reaching South Africa feeling psychologically bad about leaving my future in the air."
The winger added: "My desire is to join the team a few days late, but at my physical and psychological peak, which means I will be able to give everything for my country as I have done every time I have played.
"I'm looking forward to playing in the African Cup of Nations."