Mel revealed a decision is imminent at his press conference ahead of the club's final game of the Premier League season against Stoke at The Hawthorns on Sunday.
The 51-year-old Spaniard replaced Steve Clarke as boss in January and has steered the Baggies to all-but mathematical safety with a game to spare, although he has yet to commit to an extended tenure with Albion.
He said: "In four or five days we will all know where we are going to end up.
"I'll meet with the chairman and we will see if the vision he has for the club is the same as mine. If it is we will continue on to next season, and if it is not, we will not."
Mel is being mentioned in connection with the job at Malaga, whose current coach Bernd Schuster is said to be interested in a return to the Bundesliga.
Mel said the state of uncertainty about his future and numerous off-field setbacks this season - including a dressing room clash between Saido Berahino and James Morrison and the controversial departure of Nicolas Anelka - had affected the club's hopes of a good season.
He added: "I think this has been really damaging for everyone. I've really had to do more than being a head coach - there were too many issues that aren't related to football.
"I want to thank everyone because the success has really been everybody's success. For a team that finished eighth last year we have to learn the lessons from that so that next year we can come back."
Mel will demand his side fight right to the end of the season against Stoke after their disappointing 2-0 midweek defeat at Sunderland.
He said: "I hope it is a good game and I hope we are able to put to one side the account we gave of ourselves at Sunderland.
"I am disappointed for the fans who travelled to that match and our attention will now be on the game against Stoke City, and we need to win this game."