The former Real Madrid midfielder was signed from Getafe for a reported €6m in June 2011 and was quickly deemed surplus to requirements at his new club.
However, he bounced back in the 2012-13 season, making 27 La Liga appearances, and acknowledges he did the right thing in staying at Mestalla and winning over the supporters.
“It was the result of a lot of things but the arrival of [former Coach] Ernesto Valverde had a lot to do with it,” said Parejo in an exclusive interview with AS.
“He gave me confidence and I learned a lot under him, including many things I didn’t know about, and that was the key really.
“He restored my self-confidence and in addition the team started to play well again. From that moment I started to notice the fans getting behind me.”
The arrival of Nuno Espirito Santo as Coach before the start of this season saw Parejo handed the captain’s armband, something of which he is very proud.
“I talk about a lot of things with Nuno, about the team, and I also realise that at 25 I’ve been given the responsibility to captain one of the biggest clubs in Spain.
“It does make me feel very proud, both on and off the pitch, and I’m deeply involved in the day-to-day issue at the club, the dynamic of the team and getting to know how my teammates are doing.
“It’s an important step for me professionally and personally.”
Parejo has been the subject of rumours suggesting he is close to renewing terms with the club and admits it is something he would like to happen.
“I’d like to continue, of course I would. There was a time I went through quite a tough spell at Valencia and at the beginning I wanted to leave because I couldn’t get into the team.
“It was frustrating and because I was young I thought that if there was no place for me here then I’d need to go elsewhere, but I feel very lucky that I decided against it. This is a club and a city I can identify more with every day.
“As for extending my contract, that’s a matter for my agent and I don’t know a lot about it. The only things I’ve said to my representative are my personal feelings.”