The 27-year-old admits it wasn't easy to take on a shirt with such a tradition.
He told the Daily Mail: "It means a lot. When I arrived at United I was already aware of exactly what the No 7 shirt stood for here, because we all know that many legendary players have passed through the club and worn that shirt.
"Players who were almost larger than life. So I was pretty clued up about it and it's a shirt that's really made a huge impact at this club.
"It's a shirt that needs to be worn by a player who is maybe that little bit different - individuals if you like. That's how I see it anyway."
When asked what specifically unites the great United number sevens, Valencia replied: "You could say it's the winning mentality.
"It's the mentality of a champion, always wanting to win and having that hunger for trophies.
"Take David Beckham, he wore that shirt for what, eight to ten seasons and won five or six titles in that time, that's something you look at and see why he shirt means so much at this club."