Venables backs paying the amount for the right player.
Di Maria became a Manchester United player on Tuesday afternoon, and a British record signing in the process - eclipsing the £50 million Chelsea paid Liverpool for Fernando Torres.
United's transfer policy has been under the microscope for much of the summer as they try and build a side that can get back into the Champions League under Louis van Gaal, and back challenging for the big prizes after a disappointing campaign last season.
Venables has said that any time a record fee is paid for a player, it always sparks some kind of debate.
He told the London Evening Standard: "The simple truth is a player is worth whatever the buying club are willing to pay at the time.
"Di Maria is worth £59.7 million because he is the sort of player United need right now, and the sort of attacking midfielder who would slot into the 3-5-2 system we understand Van Gaal has so much faith in.
"He’s also a world superstar and at the age of 26, he should have plenty more years left in the tank. Put him alongside Ander Herrera and [Arturo] Vidal, and suddenly United’s middle three has a world-class look that has been missing for many years. I can think of many clubs who would like an engine room like that."
Everybody seems to have an opinion on the United's signing of Di Maria. Those that are in favour suggest that no matter what the fee is, it will be good for the club given their current situation as they try and get back into the Champions League following a difficult start to the season.
He has proven quality and has had a successful time of things at Real Madrid, and many will think his best years are ahead of him.
Some have suggested the fee is too large, some have also suggested that there are others areas need addressing more than out wide, but if a player becomes available who will improve the side, trying to sign them is a must.
A good start to Di Maria's Manchester United career will quieten any doubters surrounding the deal.