Real Madrid have announced that Jose Mourinho will leave his role as the club's coach at the end of the season.

In a quickly arranged press conference on Monday evening, the Spanish giants' president Florentino Perez revealed that the 50-year-old will depart after the final two games of the La Liga season.

"Nobody has been sacked - it's a mutual agreement," he said. "It's been in the back of our minds for a while now. I think we both agree that the timing is right to go our separate ways.

"The club and manager agree the timing is right to bring our relationship to an end. On behalf of the board of directors, I would like to thank Jose Mourinho for all his hard work. The team have improved in his three years and we wish him all the best."

Mourinho was appointed the Madrid coach in the summer of 2010 and won them the league title last season and the Copa del Rey the previous campaign.

However, the former Chelsea and Inter Milan manager failed to take Los Blancos into the final of the Champions League in any of their past three seasons.

Paris Saint-Germain coach Carlo Ancelotti is expected to succeed Mourinho at the Santiago Bernabeu.