Manzano leaves Atletico
Manzano signed a one-year deal at the start of the season but his future was less than clear after the team failed to qualify for European competition, albeit on goal difference.
Atletico had a solid season but expectations are high at Vicente Calderon and Manzano will not be renewing his contract with the club.
"Both Manzano and myself agreed that it was best for us not to renew the contract," said club president Enrique Cerezo.
"A great person has worked for this club and it was an honour to have him here."
Manzano, who joined from Real Mallorca, says that he had decided to leave some months ago, and hoped that he had laid the foundations for future success.
"It was a very intense experience," said Manzano.
"There have been some disappointments but also some successes and all I hope is that this season forms the basis of future triumphs."
Manzano's next job could come at Malaga with Juande Ramos being tipped to leave in the near future.
Among the names already being put forward for the Atletico job are Luiz Fernandez, Hector Cuper, Miguel Angel Lotina, and Cesar Ferrando.
Meanwhile, charismatic goalkeeper German Burgos will also be leaving the club after ending his three-year spell.
The Argentine shot-stopper joined from Mallorca and has had a troubled spell this season with injuries and illness and will now be looking for pastures new.
One man thought to be joining Atletico, Palmeiras midfielder Magrao, says that he has heard nothing about their reported interest.
"I swear I don't know anything about that. Some journalists from Spain have phoned me but I don't know anything about an offer," said Magrao.