Valencia has generally been utilised in a role as a winger this season, with Diafra Sakho the club’s first choice striker.
However, Cottee has seen enough to suggest that the Ecuadorian is the most reliable player in West Ham’s squad in front of goal.
"Valencia is probably our best finisher but doesn’t play in that central role very often," the former Hammers striker said.
Valencia has been with West Ham since the summer of 2014, and during his time at Upton Park he has shown signs of promise.
The 26-year-old has proven to be a threat during his time in England, but he has been plagued with injuries.
Valencia has struggled to put together a sustained run of games, due to his persistent struggles with staying off the treatment table.
As a result, Valencia has only started 35 Premier League matches during the past two seasons - and he has managed to score on eight occasions.
Valencia came on as a second-half substitute in West Ham’s most recent match against Crystal Palace, which finished as a 2-2 draw.