Lopetegui hailed Monchi's contribution to the club and made clear that the collaboration between the two has been exemplary.
"It is a pleasure for any coach to work with [Monchi] for all that he contributes," he told Radio MARCA.
"He goes beyond the typical role of a sporting director.
"We are delighted with him and with the work of the entire sports management department.
"It is important to have a very good professional, who takes the decisions however they come.
"He is a guarantee for the club."