Former Huddersfield Town boss Corberan was appointed by the Baggies in October 2022, leading them to a ninth-placed finish in his first season and fifth spell, as they lost to Southampton in the play-off semi-finals.
He has led Albion to seventh in the Championship table this season, just outside the play-off places scored, despite claiming his playing budget has been cut by 30%.
Corberan has been linked with the recent managerial vacancy at Southampton in the Premier League, but Saints opted to replace Ivan Juric with the sacked Russell Martin.
Corberan’s hometown club Valencia, four points from safety, sit second bottom of La Liga.
In Barça’s final game as manager, they drew 2-2 with Alaves on Sunday to move to the bottom of the table on goal difference.
They face reigning champions Real Madrid in their next league game on January 3.
