Manzano, 56, was confirmed as the replacement for Joaquin Caparros, sacked on Monday night after a fourth straight defeat left the club second from bottom of the Primera Division with only 17 points from 22 games.
It is a far cry from the situation Manzano left behind when he ended his second spell at the club in 2010 with them fifth in the table and qualified for the Europa League, but he is nevertheless delighted to be back in Palma.
The well-travelled coach, who has managed a total of 15 clubs - with three spells at Mallorca and two with Atletico Madrid - told a press conference on Tuesday: "When one is involved in professional football, you never know where you will take your suitcase and you are always prepared.
"Now the circumstances bring me here and I'm very proud. The people who know me know that I only want the best for Mallorca and the fans.
"When I agreed last night to take the job here in Mallorca, I thought immediately of my first day in the tracksuit of this club. It was many years ago but I remember it perfectly.
"I face this new stage with the same enthusiasm."
Manzano led Mallorca from 2002-03 and then again from 2006-10, only leaving the second time as the club could not afford to renew his contract amid financial difficulties.
He moved on to Sevilla and then Atletico, but has been out of work since being sacked by the Madrid club in 2011 when they dropped to 10th in the table.
He now faces an altogether different situation, but is confident Mallorca can make up the four points that separate them from Osasuna in 17th.
"I know the club, many of the staff, and the challenge is good and hard," he said.
"I am convinced that we can do it. The competition is under way, but with everyone's help, we know we can pull together and the squad is capable of staying in the Primera Division."
Club president Llorenc Serra Ferrer said he was sure Manzano was the best man for the job at a difficult time.
"Manzano is known to all here and he knows everything that goes with Real Mallorca," he said. "He has written an important part of our history himself.
"Manzano has been in charge of the team for more than 200 games and has achieved important things to help us grow as a club.
"I am grateful that he has understood this is a difficult time and he can help. I wish him the best of luck because his fate is ours."