Cervera named third Santander coach of season
Cervera rescinded his contract with second-division Recreativo Huelva, getting off the team bus as it travelled south for their match against Almeria to return and negotiate his exit, Recreativo said in a statement.
The 46-year-old's first game in charge will be at home to La Liga champions Barcelona on Sunday, and he has 13 matches left to save Racing, who lie 18th in the 20-team standings and three points from safety.
The former Spanish international, who had two spells as a player with Racing, becomes the club's third coach of the season, after Hector Cuper and Juan Jose Gonzalez who was sacked on Wednesday.
The north-coast club are in administration and have not won a game in their last seven outings.