De Guindos got the nod after Ireland withdrew its candidate Philip Lane, head of the Irish central bank. ECB Chief Economist Peter Praet's mandate runs until May 31, 2019, while ECB President Mario Draghi is due to leave office on October 31, 2019.
After being chosen as ECB Vice President, de Guindos said he would resign as Economy Minister within days.
This could influence the bank's ultra-loose monetary policy for the 19-country common currency area.
Central Bank Governor Philip Lane has been withdrawn from the race to become vice president of the European Central Bank.
Addressing reports last month, Minister Donohoe said that Lane had "served the Central Bank with distinction", was "eminently qualified for the role" and deserved the support of other European Union finance ministers. Today I confirm we will not put forward his candidacy for a vote this evening.
He said the final decision by EU Leaders is expected be taken at a summit in March, after consulting the ECB and the European Parliament.
Spain is therefore poised to return to the ECB's executive board after a six year-absence.
Eurozone finance ministers were expected to pick Luis de Guindos for the top job, the first of a series of changes at the European Central Bank over the coming two years.