Sergio Canales Madrazo (born 16 February 1991 in Santander, Cantabria) is a Spanish footballer who plays for Valencia CF as an attacking midfielder.

Racing Santander

A product of hometown Racing de Santander's youth ranks, Canales was bought by Deportivo de La Coruña – 50% of the player's rights – in 2006, as part of the deal which saw Pedro Munitis return to Cantabria. Dudu Aouate and Antonio Tomás were also involved, in the opposite direction.

On 18 September 2008 he made his first team debut with Racing, playing in a UEFA Cup home tie against FC Honka of Finland (1–0 win). Roughly two weeks later, he first appeared in La Liga, at CA Osasuna (same result).

Having gradually received more playing time with the main squad, Canales scored twice against RCD Espanyol on 6 December 2009 (4–0 away win), and repeated the feat at Sevilla FC on 9 January 2010 (2–1 at the Estadio Ramón Sánchez Pizjuán), receiving Man of the Match honors in the latter game. The following week, as Racing drew at home to Real Valladolid 1–1, he also found the net, and eventually finished his first full season with six goals and four assists, helping Racing narrowly avoid relegation.

Real Madrid

On 4 August 2010, Canales made his debut for Real Madrid, scoring a goal in a 3–2 friendly win against Club América. His league debut came on 29 August, in a 0–0 draw against RCD Mallorca; in October, in an interview conceded to the club's website, former Merengue legend Francisco Gento stated he wished "Canales wins many titles with Real Madrid just as I did."

Valencia

On 29 July 2011, Spanish newspapers Diario AS and Marca announced that Canales would join Valencia CF on loan. Two days later the deal was confirmed, with the player moving to the club for two seasons, with a fee of €2 million (€1 million per season). After that time, the Che retained the option of purchasing for €12 million.

Canales scored his first goal for his new club on 1 October, the game's only in a home fixture against Granada CF. Late into the month, he had to be strechered off during a league home match against Athletic Bilbao (eventual 1–1 draw) and, the following day, he was diagnosed with a torn knee ligament, being sidelined for six months.

On 26 April 2012, in only his fifth appearance since returning, against Atlético Madrid in the Europa League semifinals' second leg, Canales relapsed from his injury early into the second half of an eventual 0–1 home loss (2–5 aggregate defeat), going on to miss a further six months of action.

On 19 July 2012, Canales moved permanently to Valencia for €7.5 million and five years, alongside Madrid teammate Fernando Gago. The Merengues also reserved an option to buyback the player over the course of the next two seasons.