Marcelino believes he's an outsider in the race for the Arsenal job.
The former Valencia and Villarreal manager has been in London over the last few days to sit down with Arsenal's hierarchy and returned to Spain on Tuesday after the talks.
ESPN says he would be keen to take over if offered the opportunity.
But the 54-year-old is not convinced he will be asked to become their new manager.
There is a belief that being Spanish might be considered a disadvantage as Arsenal look to replace fellow Spaniard Unai Emery.
Emery was sacked on November 29 and has been replaced on an interim basis by Freddie Ljungberg, who won for the first time as manager at West Ham on Monday night.