Mallorca last night parted company with Joaquin Caparros as they seek a way to reverse their fortunes, with a return of only 17 points from 22 games leaving them second bottom of the Primera Division.
Manzano, 56, who was previously at Mallorca from 2002-03 and then 2006-10 in a well-travelled career, has been out of work since being sacked by Atletico Madrid two years ago.
A statement published on the Mallorca website on Tuesday read: "RCD Mallorca has reached a tentative agreement with Gregorio Manzano to lead the first team.
"The coach will be presented this afternoon, at 1300 (CET) in the press room at the Iberostar Stadium."
Manzano was the man who led Mallorca to their best finish in recent memory as he guided them to fifth place in 2010, only to be let go by the club as they could not afford to renew his contract that summer.
He moved on to Sevilla and took them to a fifth-placed finish before being tempted back for a second spell with Atletico, which would end sourly with the club down in 10th place.
Mallorca have lost their last four matches, leading to Caparros' sacking last night.
Club president Llorenc Serra Ferrer said: "It is a difficult time for Mallorca, and for me, it's hard to have to give this news.
"We talked to coach Joaquin Caparros about the situation that the team was going through, and came to the conclusion we need to push forward for the remainder of the competition in order to achieve our objective of keeping the team in the Primera Division."
Caparros himself said: "No professional will ever be happy about a decision like this.
"I'm hurt, because I also felt the support of the fans until the last moment and the support of a group of players I'm sure will push through the situation.
"I have grown at Mallorca not only as a coach but as a person. We've all been very close, we have tried to find answers. I appreciate the opportunities given to me and the coaching staff. Thank you all."
The experienced Caparros was appointed at Mallorca in October 2011 and saw them to an eighth-placed league finish last season.