Madrid made the announcement in a statement released on their official website on Wednesday.
The club stated that Ramos will hold a press conference on Thursday to formally announce his exit.
A short statement on Madrid’s official website read: “Real Madrid CF announces that tomorrow, Thursday, June 17, at 12:30 pm, there will be an institutional act of tribute and farewell to our captain Sergio Ramos, with the presence of our president Florentino Perez.
“Next, Sergio Ramos will appear before the media at a telematic press conference.”
Ramos has made 671 appearances over 16 seasons at the Bernabeu but his relationship with Real Madrid president Florentino Perez is at an all-time low.
His contract is coming up for renewal but Perez has repeatedly suggested Madrid would find it difficult to tie down the centre-back to a new deal.
The club are not in a strong financial position but are very keen to strengthen this summer nonetheless, with Kylian Mbappe on their radar.
Ramos earns a reported £312,000-per-week, making him the top earner at the club.
Perez said last month: “We’re in a very tough situation where no one has the money anymore.
“We’ve got to be realistic. I’ve never said that he won’t stay. At the moment we’re completing this season and after that we can see about next year.”
Despite this, Madrid had no problems signing former Bayern Munich star David Alaba and handing him a bumper deal.
And it seems this has rubbed Ramos up the wrong way, with the club legend leaving under a dark cloud.
Ramos won’t be short of suitors though, even if he is now 35 as he has been linked with a move to Manchester United in recent months.
During his time at Madrid, Ramos won Laliga, Copa del Rey, Spanish Super Cup, UEFA Champions League, UEFA Super Cup and the FIFA Club World Cup.
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