Football star ran down his contract, according to local media, and was unable to agree an extension after Real offered him a one-year deal on a 10% pay cut which he rejected.
Long-serving Real Madrid captain Sergio Ramos is to leave after a 16-year spell in which he won 22 trophies, the club has said.
Ramos, 35, ran down his contract and, according to Spanish newspaper Marca on Thursday, was unable to agree an extension after Real offered him a one-year deal on a 10% pay cut which he rejected.
Ramos signed for Real from Sevilla in 2005 for a then 27 million euros, a record fee for a Spanish defender.
Making 671 appearances and scoring 101 goals, Ramos was made captain in 2015 after the departure of goalkeeper Iker Casillas.
Ramos' last season with Real, in which they failed to win any silverware, was plagued with injuries which led to Spain coach Luis Enrique leaving him out of the squad for Euro 2020.
Real's statement confirming his departure said Ramos would be honoured with a tribute and farewell ceremony attended by club president Florentino Perez.
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