Former Huddersfield Town boss Corberan was appointed by the Baggies in October 2022, guiding them to a ninth-placed finish in his first season and fifth last term, losing to Southampton in the play-off semi-finals.
He has guided Albion to seventh in the Championship table this season, just outside the play-off spots, despite claiming his playing budget has been cut by 30%.
Corberan had been linked with the recent coaching job at Premier League club Southampton, but the Saints chose Ivan Juric to replace the sacked Russell Martin.
Valencia, Corberan’s hometown club, are four points from safety, sitting second at the bottom of La Liga.
In Baraja’s last game as manager, they drew 2-2 with Alaves on Sunday and dropped to the bottom of the table on goal difference.
They will face defending champions Real Madrid in their next league game on January 3.
