The 29-year-old Marcelo has been with the Spanish club since the 2006-07 season. He is now the club's second-longest serving foreign player with 414 appearances, behind only his compatriot Roberto Carlos, who played 527 times for Real Madrid.
The 29-year-old joined in 2007, making nearly 300 appearances as Real have maintained their status as one of the most successful clubs in world football.
Marcelo was hit with the card after kicking out at Levante midfielder Lerma while the two were tussling on the ground.
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The news came on the day when the Brazilian was told that he will be serving a two-match ban following a red card against Levante on Saturday.
Referee Alejandro Jose Hernandez Hernandez wrote in his official report that he had seen the Madrid vice-captain "kick an opponent in the back, with the ball well away from the action". Additionally, he forged a strong partnership with Cristiano Ronaldo on the left flank, which has gone on to serve Real Madrid well for more than half a decade now.
Real Madrid can appeal Marcelo's ban within a period of 10 days.
Marcelo has been included in the squad for Real's game against Cypriot champions APOEL Nicosia on Wednesday as they begin their quest to become the first side to win three successive Champions League competitions in its current format.