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While commonly credited to Ed Marlo, because of its use in the second method in his booklet, Future Reverse 1945, p. 6, this sleight is described, without attribution, in Greater Magic, 1938, p. 339, in the context of a card prediction, in which the magician openly reverses a card in the deck, which later proves to be a freely named selection. (This was spotted by Denis Behr.) This effect, by the way, bears a resemblance to Marlo's “Future Reverse” effect from the cited booklet, meaning the item in Greater Magic may have been his inspiration. Marlo does not claim the sleight; nor does he cite a source for it.
An earlier sleight with similar mechanics in which a card in the center is reversed and simultaneously brought to the top was published by Louis Lam in Would You Believe It?, 1935, p. 8.