The Spain Under-21 international has been out of action since suffering an anterior cruciate ligament tear in his right knee in October.
With an estimated recovery time of six months, Canales is edging closer to full match sharpness, but the 20-year-old has underlined that he will not be rushed back into action.
"I am very eager to work with the ball again," he told reporters. "I do not want to set a date for my return because I do not want to put too much pressure on myself.
"Let us hope it will happen as soon as possible and that I recover completely."
Canales, who is at Valencia on a two-year loan from Real Madrid, then admitted that Los Blancos are heavily favoured to win La Liga.
"Madrid are doing a very good job in the league, they are taking very big steps, winning hard games, and they are en route to winning the competition," he added.