The futures of both Silva and Villa have been the source of much debate this summer, with numerous clubs across Europe being linked with big-money moves for the two Spanish internationals.

Silva, in particular, has hit the headlines recently with European champions Manchester United and Valencia's Primera Liga rivals Barcelona both reportedly trailing the 22-year-old attacking midfielder.

However, Valencia looked to have silenced those reports on Wednesday night after announcing they had agreed new terms on the Spanish international's existing contract, which still has five years to run.

"There is a total agreement with the club and the player David Silva for him to continue with us for the next five seasons," Valencia vice-president Fernando Gomez announced at a press conference.

"This is a new contract with Valencia with different conditions. The length is the same, until 2013," Silva's agent Julio Llorente confirmed to PA Sport.

Despite the supposed interest from abroad, it was revealed on Tuesday that Silva had no desire to leave Spain at this stage of his career.

It was not clear if that meant he would be staying with Valencia, but Llorente confirmed on Wednesday that it was always the player's intention to continue with Los Che.

"The two parties wanted to reach an agreement which was satisfactory," Llorente said at the press conference.

"The player has always spoken of the possibility of playing here for many years.

"For the player it has been a very important decision and I want to stress the effort and sacrifice that Valencia have made to keep David Silva in their squad."

It has been reported on Tuesday that Valencia had recently rejected an offer from Manchester United for the £20million-rated Silva.

Gomez insisted Valencia never had any interest in hearing any offers for the highly-rated midfielder, who joined the club from Celta Vigo in 2006.

"We have not listened to any offer for him. We have always expressed the opinion and the desire that he stays with us. And if we have not listened to anything until now, then we will not do so from now on either," he said.

With Silva's future now tied up, Valencia will now switch their focus to their much sought-after striker, Villa.

The prolific Villa, who finished as the top scorer at this summer's European Championship where both he and Silva ended up with winners medals, has long been linked with a move away.

However, Valencia have no desire to let him leave either and Gomez revealed that they would now be looking to ensure Villa would be staying at the Mestalla as well.

"The following step will be to try for David Villa to remain with us but I must remind you that the player is ours and he has a contract," Gomez said.

"We hope that soon we can announce his continuity. It is our intention that he stays here, like Silva."