The England international completed his move to Old Trafford from Aston Villa on Thursday, putting pen to paper on a five-year deal with the Barclays Premier League champions.
Young will be in competition with the likes of Ecuador ace Valencia, who is currently on international duty with his country at the Copa America, and Portugal international Nani for a place in Sir Alex Ferguson's starting XI
"I heard about this on the news - I do not fear his arrival," he said.
"The season is long, and under Sir Alex Ferguson everyone will get their chance in United's key matches.
"Ashley is a good footballer and I believe that he will help us towards even more success next season.
"As for myself, I have two seasons left at United and I am convinced I will fulfil those. And maybe a few more years, too."
Valencia suffered an horrific broken ankle and ligament damage in a Champions League tie against Rangers in September 2010.
However he has battled back strongly, returning to the United side for the final few matches of the campaign and helping them to secure the Barlays Premier League crown.
He made a total of 10 Barclays Premier League appearances in 2010/11, scoring one goal.
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