Marcelo is set to pen a new two-year contract to remain on Real Madrid's books until June 2022.
The veteran Brazilian has agreed to stay part of manager Zinedine Zidane's first-team set up after Los Blancos took to their official Twitter account to relay the news to their global fanbase.
Marcelo, Zidane and club president Florentino Perez will be present at a press conference in the Spanish giants' Santiago Bernabeu stadium at 2pm local time on Thursday, to witness the 29-year-old officially put pen-to-paper, before the trio will likely field questions from the assembled media.
Wednesday has proven to be a hectic day for the left-back, with news of his contract renewal coming in the immediate wake of receiving a two-match domestic ban.
Best LB ever— Fred (@OHDEBRUYNE) September 13, 2017
Marcelo was sent off in Real's 1-1 draw with Levante on home soil on Saturday after he kicked midfielder Jefferson Lerma in the back in an off-the-ball incident.
That led to referee Alejandro Hernandez Hernandez brandishing a straight red for Marcelo, and the defender will now miss the league encounters with Real Sociedad and Real Betis as a result of his suspension.
Marcelo has turned out for Real on 414 occasions over the past decade, and has scooped up 17 titles during that time including four La Liga triumphs and three Champions League trophies.