Following a trophy-less season, Real Madrid football club has sacked coach Carlo Ancelotti after two years in charge of the team.
The news on Monday was given by club president Florentino Perez at a press conference held at the Santiago Bernabeu Stadium which followed a meeting of the club's board of directors, Xinhua reported on Tuesday.
Ancelotti leaves Real after a season in which he led the club to the European Supercup and the World Club Championship. But in this season, Real finished second to FC Barcelona in the La Liga.
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They were knocked out of the King's Cup by neighbours Atletico Madrid and lost to Juventus in the semi-final of the Champions League.
"Real Madrid has the highest demands and we think the moment has come to give a new impulse to the season," said Perez, who said Ancelotti's replacement would be confirmed next week.
"We make this reflection every season after the season," added Perez.
"We looked at things from all points of view, but if we are convinced we need to make a new impulse, then the decision was clear," he said.
However, 55-year-old Ancelotti said he will remember his time as Real coach with fondness, despite being sacked by the club.
Ancelotti then took to Twitter to express pride in his work in the Spanish capital, which saw him guide the side to their 10th UEFA Champions League crown and the Copa del Rey last season.
"I'd like to keep in mind this two fantastic years at Real Madrid. Thanks to the club, the supporters and my players," Ancelotti said on Tuesday.
The Italian's first season at the club saw him lead Real to the long desired 'Decima': the tenth Champions League title in the club's history, as well as the King's Cup after defeating Barcelona in the final.
Despite these successes, Ancelotti's sacking had been expected ever since the Champions League exit, although some players, such as Cristiano Ronaldo had made it very clear they wanted the coach to continue.
Ronaldo posted a message on social network site Twitter after Saturday's 7-3 home win over Getafe saying he "hoped to work" with Ancelotti next season.
"We will have the change to discuss the issue with them in the future," said Perez.
Real fans also appear to be unconvinced by the sacking of the coach who had been lauded as a peacemaker after bringing apparent calm to the club following Jose Mourinho's three turbulent years in charge and polls held by Spain's sporting press all showed a majority wanting him to continue.
When speaking to the press following what was his last game in charge Ancelotti had commented that his options were either to continue at the Real or to enjoy a year's sabbatical.
Former Valencia, Liverpool and current Napoli coach, Rafa Bentiez, who earlier in his career coached in the Real youth system is now the favourite to be named as Ancelotti's replacement.