Valdano: Guti wants to play for Real
It was widely reported in the media that Pellegrini and Guti had a row at half-time during the King's Cup last-32, first leg match at Alcorcon on October 27 and the joint club captain has been left out for four matches since.
Valdano said on Saturday a meal he had with the player last week had helped "normalise the situation."
"We are all people and we have the right to have problems and show them in our place of work," the Argentine told the club's website.
"The important thing is to recognise it and put it right. Guti intends to collaborate and commit himself to the team and seeing the player's willingness to be an active part of this project gives us peace of mind."
The 33-year-old Guti, a former Spain international, joined Real's youth academy in 1985 and made his first-team debut in December 1995.