Ramos has been with the 13-time European champions for the last 16 years, having joined from Sevilla in the summer of 2005.
The 35-year-old had been locked in negotiations with the club’s hierarchy for a while regarding an extension but it has now been revealed that both parties will be parting company.
A short statement on the club's official website 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.
"After that, Sergio Ramos will appear before the media at a telematic press conference."
Ramos has made 671 appearances for Real Madrid in his time at the club but only 21 of those came in the 2020/2021 season as he was dogged by injuries and missed out on Spain’s travelling party for the European Championship as a result.
Ramos won five La Liga titles with Los Blancos, four UEFA Champions League trophies, four FIFA Club World Cups, two Copa del Reys among numerous other honours.
He also won the FIFA World Cup in 2010 with Spain as well as the 2008 and 2012 European Championships.
