The Argentine has dismissed suggestions of a media campaign against the reigning Spanish champions, despite the club's denial of reports of a dressing room rift
Club president Florentino Perez hit out at Marca earlier this week after the paper had said Iker Casillas and Sergio Ramos had threatened to leave the club if head coach Jose Mourinho remained next season.
The 65-year-old suggested that the report was published in order to destabilise the squad, a theory which the Argentine rejects.
"I'm convinced that there is no conspiracy against Real Madrid," Valdano was quoted as saying by Marca.
"I think Florentino came out to try to contain a problem that might have spiralled out of proportion if the club didn't nip it in the bud.
"The fact that Florentino is involved means it is no ordinary story. I don't think Real Madrid have been destabilised, though."
Real Madrid are currently preparing for the Liga match at home against Getafe on Sunday.