A source close to Valdes said Besiktas attempted to change the terms of an agreed deal and the 33-year-old has now backed out of the move.
The report states that Besiktas attempted to change the terms of an agreed deal late on in negotiations. Valdes subsequently backed out of the move to the Istanbul based side.
The Spain international and World Cup winner is expected to leave United over the summer after falling out with Van Gaal over the summer.
The former Barcelona man has fallen down the pecking order behind first-choice keeper Sergio Romero and David De Gae.
The Black Eagles will compete in the Europa League Group A this summer against Sporting Lisbon, Lokomotiv Moscow and Skanderbeu.