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The 34-year-old long-time Spanish national team goalkeeper, who defended the goal of his country 42 times, will stay in Valencia until 2007 under the new contract.
Canizares, considered one of the best goalkeepers in the world, played a very important role for Valencia last season on the road to double success - UEFA Cup and Spanish champion title. The goalkeeper, who came to Valencia from Real Madrid in 1998, participated in the Champions League final twice with the Valencia team - in 2000 and 2001, but both times had to admit defeat.
Throughout his career, Canizares defended the goals of Valencia, Real Madrid, Celta Vigo, Merida, Elche, Marabella, and Castilla teams more than 400 times.
The new Valencia coach Claudio Ranieri was very pleased that Canizares is staying: "I am happy that Canizares is staying. Now I can choose from three very good goalkeepers: Santi, (Andres) Palop, and (Ludovic) Butelle".
Valencia also hopes to extend the contract with the reserve goalkeeper Andres Palop in the next few days.
This summer, the Spanish champion acquired the young French goalkeeper talent Ludovic Butelle, but it is believed that the player will be loaned out for the upcoming season.
