Michael Essien's strike allowed the Blues to progress to the last four of the Champions League with a 2-1 triumph, 3-2 on aggregate.

But Albelda believes that his side could have progressed at the Mestalla if they had been more clinical.

"I think any of the two teams would have deserved a place in the semi-finals," he said.

"Our high expectations have been shattered and I cannot hide my disappointment, especially because of the way we have gone out."

Albelda believes it was Andriy Shevchenko's equaliser shortly after the restart that proved a hammer blow.

Fernando Morientes had given Valencia a first-half lead and the former Liverpool striker also hit the post.

"We had our chances in the opening half," continued Albelda. "Our failure to increase our advantage has allowed them to grow in confidence.

"Their first goal has taken us out of the game, we played how we could, we wanted to attack, but they forced us to defend."

Jose Mourinho's side are now likely to face Liverpool in the semi-final and Albelda has warned his former boss Rafael Benitez to expect a tough tie.

"Chelsea have a great team." he added. "They don't play spectacular football but they are very dangerous in set-pieces and in aerial play."

As for Valencia, they still have a chance to compete for honours this campaign.

Los Che are six points behind Primera Liga leaders Valencia with eight games remaining, although injuries and suspensions have taken their toll on Quique Sanchez Flores' side.

"We must recover from this psychological blow in order to face the remainder of the campaign in the best possible way," said Albelda.

"We have to make use of what we have. We have had to do that since the start of the campaign and we will see how far we can go.

"Our aim is always to play in Europe's elite club competition every year and we hope we can play again next season in the Champions League."