Real Madrid have announced that coach Jose Mourinho will leave the club by mutual consent at the end of the season.
Real president Florentino Perez made the announcement in a special press conference at the Bernabeu stadium on Monday evening.
“We've decided to bring our relationship with manager Jose Mourinho to an end at the end of the current season,” said Perez.
“The club and the manager have agreed the time is right to bring our relationship to an end.
“Nobody has been sacked, it's by mutual agreement. And we have no pre-contract signed with any managerial candidate - it's something we'll look at in the coming days.
“When someone leaves Real Madrid there is something they are not happy about. But after three years it was the right time and we thank him for all his hard work.”
Mourinho joined Real Madrid in the summer of 2010, winning the Copa del Rey in his first season and the Liga title the following campaign.
But Real Madrid will end this season without major silverware following Friday's defeat by city rivals Atletico Madrid in the Copa del Rey final.
Paris St Germain's boss Carlo Ancelotti has been widely tipped as Mourinho's successor and the Italian has told the French side he wants to leave.