Real Madrid have sacked coach Carlo Ancelotti after the world's richest club by income failed to win major silverware this season, president Florentino Perez said.
"The board of directors have decided to relieve Carlo Ancelotti of his duties," Perez told a news conference.
Ancelotti, who had a three-year contract that was due to run until the end of next season, led Real to a record-extending 10th European crown and a King's Cup triumph in his first term in charge in 2013-14.
However, this season they were eliminated in the Champions League semi-finals by Juventus, while Barcelona won La Liga.
Real also lost to Atletico Madrid in the King's Cup last 16 in January.
Great coach and amazing person. Hope we work together next season. pic.twitter.com/HqHHGjGGUH
— Cristiano Ronaldo (@Cristiano) May 23, 2015Rumours of Ancelotti's departure began to surface soon after Juventus ended their hopes of becoming the first side to win back-to-back Champions League crowns earlier this month and his departure means Perez has now fired nine coaches in his 12-year stint as Los Blancos president.
Napoli manager Rafael Benitez, outgoing Borussia Dortmund coach Jurgen Klopp and current Real reserve team boss Zinedine Zidane are among the frontrunners to replace Ancelotti, and Perez revealed that the Italian's successor will be confirmed next week.
"With our great team, talent and hard work, we will be able to give satisfaction and happiness to our fans and our members," he added.
"I want to publicly say thank you to Carlo Ancelotti for these two years, for his hard work and all his affection, and tell him this is still his house and his home.
"Next week, we will know the name of the new manager of Real Madrid."
