Real Madrid announced in an official statement the departure of coach Carlo Ancelotti, following the team's match against Real Sociedad, scheduled for Saturday, May 24 at the Santiago Bernabeu Stadium.

The club said: "Real Madrid and Carlo Ancelotti have reached an agreement to end his tenure as the team's coach."

The statement added: "Our club would like to express its gratitude and love for one of the greatest legends of Real Madrid and world football."

The Italian coach, who spent six seasons with Real Madrid over two coaching stints, is the most decorated in the club's history and will be bid farewell by the club on the Bernabeu pitch as befits his legacy, after leading the team to numerous domestic and continental achievements.

Ancelotti, along with his coaching staff, is scheduled to head to Rio de Janeiro on Monday, where he will be officially presented as the new coach of the Brazilian national team.