Real said on their website that they had agreed to extend the player's contract, originally due to expire in 2020, by two years.
The 29-year-old has won four Liga titles and three Champions Leagues with Madrid and has remained one of the club's most important and consistent players, carving out a legacy to match compatriot Roberto Carlos, who called time on 11 trophy-laden seasons with Real shortly after Marcelo joined.
Marcelo has made 414 appearances in total for Real and with his contract extension can expect to overtake Roberto Carlos's tally of 527 as the foreign player with the most appearances for the club.
The Brazilian was sent off in Real's 1-1 draw at home to Levante on Saturday for kicking out at an opponent. He will miss the team's next two league games against Real Sociedad and Real Betis after his appeal against the ban was rejected by the Spanish Football Federation's competition committee.
Marcelo has been included in the squad for Real's game against Cypriot champions APOEL Nicosia on Wednesday as they begin their quest to become the first side to win three successive Champions League competitions in its current format.
(Reporting by Richard Martin; Editing by Christian Radnedge)
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