Atletico Madrid are interested in the Norway international.
Srloth, who arrived at Villarreal this summer, is on a contract that runs until 2028. He finished with a total of 26 goals and six assists in 41 competitive matches this season.
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Marcelino told TV 2: "It's not up to me.
"What he has achieved for us this year is extraordinary. 23 goals (in the league) without a single penalty - that's incredibly strong.
"It is up to him (if he stays). I think he's happy to be here in this team. With the potential opportunities he might have, someone might be able to convince him. But there are three parties that have to agree. If he stays here, it's because he wants to."