Marcelino, 48, took over at the Madrigal in the second division in January and guided the club to promotion back into the top flight, where they have made an impressive start to the campaign.
The 2006 Champions League semi-finalists lie fourth in the standings with 24 points from 13 games, including home draws against third-placed Real Madrid and second-placed Atletico Madrid.
(Reporting by Mark Elkington, editing by Clare Fallon)
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