The Ecuadorian international netted the Reds' brilliant second goal at Molineux and went on to set up Danny Welbeck and Javier Hernandez for the third and fifth strikes respectively.
With Valencia now fully recovered from a hamstring strain, Sir Alex is expecting the 26-year-old to play a key role between now and May.
"It's great to see him back and I thought he had Wolves on the back foot all the time," the boss told MUTV.
"He scored a terrific second, set up the third for Danny Welbeck and the fifth for Chicharito so he's had a great afternoon.
"His return could be very important because his form before he got his injury was outstanding. Now he's back, we hope he stays fit because he's a real threat.
"He's such an honest, hard-working player. He can tackle, run with the ball, beat a man, cross... he's got everything really and he works so hard for the team which is very important."