Díaz recorded 49 goal involvements in his first season with Bayern – winning a domestic double – and also scored on his World Cup debut.
Speaking to Sport Bild, Valencia said of football's most prestigious individual award: "Lucho deserves to be among the leading Ballon d'Or contenders. His numbers show he is one of the best players in the world right now.
"If Colombia go deep at the World Cup and Lucho maintains his current form, he will be among the favourites."
Watch: Luis Díaz decoded
