The Spanish goalkeeper is a free agent after deciding not to renew his contract with La Liga giants Barcelona.
Valdes had been widely expected to join up with big-spending Monaco ahead of the new campaign.
However, Monaco president Vadim Vasilyev revealed earlier on Thursday that the 32-year-old would not make the switch to Stade Louis II because he had failed to recover sufficiently from a serious knee injury sustained against Celta Vigo in March.
Valdes' agent, Gines Carvajal, has subsequently refuted those claims and stated Monaco will have to honour a prior agreement that was reached between the two parties.
"We have signed a four-year contract with Monaco and we will enforce (it)," Carvajal is quoted by Marca.
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