The former forward has also identified the three areas in most need of improvement in the United squad.
De Gea is expected to complete a big money move to Real Madrid at some point in the near future, per the Daily Mail, after weeks of speculation suggesting he will be moving to the Spanish capital.
If he does end up in Madrid, Yorke says current number two Valdes would be more than capable of replacing his fellow countryman as United's number one.
“Victor Valdes probably thinks he would have a good opportunity,” he told Sky Sports.
“He’s got a wealth of experience and has won everything in the game. He will probably be a suitable candidate and fill that gap. The likes of Petr Cech could have been a candidate to replace De Gea.”
United are expected to be busy during the summer transfer window, with manager Louis van Gaal tipped to make a number of signings to improve his squad ahead of a return to the Champions League.
It is thought a striker, a central defender and defensive midfielder are his principal targets, and Yorke agrees with that approach to recruitment.
“We have struggled defensively all season,” he added.
“That may be a point where he may need to make some changes, with another forward player. And when Michael Carrick is not playing we see how thin Manchester United look - Van Gaal needs to look at a holding midfielder."
Defensive midfield the most pressing issue
Of the three positions, a defensive midfielder is probably the player that United need most of all.
Michael Carrick has excelled in the role, with stats showing the side enjoying a big win percentage with him in the team. He has, though, proved inconsistent with injuries and his age means a long-term replacement is needed.
In defence, both Phil Jones and Chris Smalling proved able last term but doubts remain over their suitability if United wish to compete at the very top, while Wayne Rooney is currently the only dependable forward at the club, making those two positions areas of urgent reinforcement for Van Gaal.