Rayo Vallecano head coach Inigo Perez is understood to be the frontrunner for the Villarreal job, with Marcelino leaving at the end of the season.
Villarreal have announced they are parting ways with the 60-year-old at the end of the campaign, despite qualifying for the Champions League.
“Villarreal CF and the Asturian coach will part ways at the end of the season,” a Villarreal statement read.
“Thank you from the heart, Marce, for everything you’ve given to this club and to this fanbase. We wish you all the best in your future sporting endeavours.”
Perez has previously worked with Bournemouth boss Andoni Iraola and was among the names linked with succeeding him before they appointed Marco Rose.
Marcelino has been in charge of Villarreal since 2023 and they are third in LaLiga with four games to go, five points clear of Atletico Madrid in fourth and 15 clear of Real Betis in fifth.
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