Corberan, a former Huddersfield Town coach, was appointed by the Baggies in October 2022, leading them to ninth place in his first season and fifth last season, where they lost to Southampton in the play-off semi-finals.
He has guided Albion to seventh place in the Championship table this season, just outside the play-off positions in terms of goals scored, despite claiming his playing budget has been cut by 30%.
Corberan has been linked with the latest managerial vacancy at Premier League side Southampton, but the Saints have selected Ivan Juric to replace Bishop Russell Martin.
Valencia, Corberan's hometown, is four points away from safety and is second in La Liga.
In Baraga's final match as coach, the team drew 2-2 with Alaves on Sunday to move away from the bottom of the standings on goal difference.
They will face defending champion Real Madrid in their next league match on January 3.