The design celebrates the rainbow jersey, which Valverde will wear for the remainder of this season and into 2019.
Gold trim also runs along the top tube of the Canyon.
Alongside the frameset, special rainbow decals finish the Campagnolo Bora Ultra wheels and Power2Max power meter unit on Valverde's crankset.
Elite have also provided special edition bottle cages, which are white with gold detailing to celebrate the gold medal from the World Championships in Innsbruck.
German bike manufacturer Canyon have been providing framesets to the top tier of cycling since 2007 and say the bike has achieved over 200 victories since their first victory.
Valverde will race the bike during the final Monument of the season during Saturday's Il Lombardia.
Frameset: Canyon Ultimate CF SLX in custom colours for the world champion
Front brake: Campagnolo Super Record
Rear brake: Campagnolo Super Record
Brake/shift levers: Campagnolo Super Record EPS
Front derailleur: Campagnolo Super Record EPS
Rear derailleur: Campagnolo Super Record EPS
Cassette: Campagnolo Super Record
Chain: Campagnolo Record
Crankset: Campagnolo Power2Max with custom decals for world champion
Wheelset: Campagnolo Bora Ultra 50 with custom decals for world champion
Tyres: Continental Competition ALX 25mm tubular
Saddle: Fizik Arione
Seat post: Canyon Ultimate
Bottle cages: Elite Custom Race Plus in custom colours for world champion