Sergio Ramos will leave Real Madrid on Thursday after failing to agree on a new contract with the Spanish giants, the club confirmed through an official statement.
The club have announced a press conference will be held on Thursday to bid farewell to the defender.
The statement from the club 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."
"Sergio Ramos will then appear before the media in a virtual press conference."
Ramos posted a photo on his Facebook page saying "Gracias. Thank you" with the Real Madrid logo on it just after the club confirmed his departure.
The centre-back's contract expires at the end of June and although there had been reports the club were willing to give him an extension if he accepted a pay cut.
Ramos has spent the last 16 years at Real, the bulk of his glittering career as a player. During that spell, he has won the Champions League four times and La Liga five times.
But he and Real have now called time on his period in the Spanish capital. Ramos will leave ahead of his contract expiring at the end of the month.