Real Madrid have parted company with coach Carlo Ancelotti, president Florentino Perez has confirmed.
Reports had been widespread that Ancelotti was due to be sacked, and following a board meeting, Perez held a media conference on Monday to confirm as much.
Perez also said Ancelotti's successor will be announced next week, with Napoli boss Rafael Benitez expected to take over.
"Next week we will know the name of the new coach of Real Madrid," the president commented.
"It's not time to talk about the new coach. But it would be good for the new coach to speak Spanish, of course.
"This position [president] is not an easy one, but if we have the view a change is needed, we have responsibility to make it.
"We reflect every year, after season ended. This has been a decision analysed over the whole year, but made in the last week."
Ancelotti arrived at the Santiago Bernabeu in 2013, and in his first season delivered the Copa del Rey with a 2-1 victory over fierce rivals Barcelona.
However, the one trophy Real value more than any other is the UEFA Champions League, and Ancelotti duly led to the club to its 10th European crown - known as La Decima - with a 4-1 extra-time victory over Atletico Madrid in last season's final in Lisbon.
The 2014-15 campaign failed to match those heights, however, with only the UEFA Super Cup and FIFA Club World Cup to show for Real's efforts.
The club finished second in La Liga, two points behind Barca, while they were dumped out of the Champions League semi-finals by one of Ancelotti's former clubs Juventus.
