Chelsea have failed to sign Cameroon star Geremi Ndjitap from Real Madrid.
The Spanish champions say Geremi is not for sale after agent Jose Veiga visited Madrid on the English premier league club's behalf last week
"The Geremi deal is off," Valdano told website onefootball.com.
"We will only sell him if it becomes urgent to raise money."
"I held a meeting with Jose Veiga and told him that Real Madrid would no longer sell Geremi because we have discovered how important he is to us."
"We found that Geremi can play as a right-back or a central defender and that could be important as we know our defence is the weakest part of the team."
Geremi looked for a move from Real last month after failing to become the club's regular right back and Chelsea were offering £7 million for the defender.
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