Real Madrid have sacked manager Carlo Ancelotti after two seasons at the club.
The 55-year-old took charge in June 2013 and guided Madrid to victory in the Champions League and the Copa del Rey in his first year at the club.
However, he was unable to repeat that success this season, with the club's only trophy coming in the European Super Cup last August.
"I want to tell you that we have decided to relieve Carlo Ancelotti," Madrid president Florentino Perez told reporters at a news conference at the Santiago Bernabeu.
"This has been, as you can imagine, a very difficult decision for the board but as always we have not come here to Real Madrid to take the easy decisions but the best decision for the institution.
"Carlo is now part of our history. The manager won La Decima. As we all know, at Real Madrid the demands are maximum and we think it is time for a new impulse. A new impulse which can allow us to win titles and achieve a maximum level of competition."
Perez also revealed that the new manager of the club will be named next week.
