Real Madrid had appealed against the sending off but the disciplinary committee remained unmoved.
He was sent off in Real's 1-1 draw at home to Levante.
Marcelo, Zidane and club president Florentino Perez will be present at a press conference in the Spanish giants' Santiago Bernabeu stadium at 2pm local time on Thursday, to witness the 29-year-old officially put pen-to-paper, before the trio will likely field questions from the assembled media.
The 29-year-old Brazil worldwide signed for Real from Fluminense in 2007 and has helped Los Blancos win three Champions League titles and four LaLiga titles.
Marcelo has made 414 appearances in total for Real and with his contract extension can expect to overtake Roberto Carlos's tally of 527 as the foreign player with the most appearances for the club.
Earlier on Wednesday, the Royal Spanish Football Federation confirmed that Marcelo will serve a two-match ban in Spain's top flight following his red card against Levante last Saturday. As such, Marcelo will be unavailable for the trip to Real Sociedad this weekend and the visit of Betis on September 20.
They begin their attempt to win a third Champions League in a row on Wednesday against APOEL in Group H.