Despite the fact he will have one year remaining on his deal, Victor Valdes will still command a relatively high fee.
Not only does he play for league leaders Barcelona, who have no particular need to sell players, he is also a multiple-league- and Champions League-winner who has been in Spain's all-conquering squad for some time as well.
An initial outlay of around £8 million would surely be the minimum required, and that figure could feasibly be much closer to £12 million. In addition, he would require Champions League-standard wages, easily above £100,000 per week.
Even if the Reds only brought Victor Valdes in on a three-year contract, that would represent a purchase worth more than £23.5 million, with zero resale value at the end of the deal.
If it was a longer contract, then the Reds would risk being left with an expensive asset still on the books at age 34, with another few million left to pay him during the final season, even if he was no longer in the first-team plans.
Should Liverpool pay the same fee for Marc-Andre ter Stegen, as an example, with even the same high wages as Valdes (that the German would almost certainly not command at this stage), then it is likely he would be offered a longer-term deal, perhaps five years.
Three years from now, Liverpool would be sitting on an asset worth close to £20 million if he excels—or they would still at least be able to recoup most of their initial outlay if he doesn't, rather than have to watch an elder player leave for free at the end of his deal.