The 35-year-old will depart the Spanish capital at the end of the month after a trophy-laden spell in which he attained iconic status.
Sergio Ramos is leaving Real Madrid after 16 years with Los Blancos, the club have confirmed.
The club have announced a press conference will be held on Thursday to bid farewell to the veteran defender.
The centre-back's contract expires at the end of June, and although there had been reports the club were willing to give him an extension if he accepted a pay cut, he has now decided to depart.
The 35-year-old has decided to leave Santiago Bernabeu after a remarkable and trophy-laden spell at the club.
A statement from the club read: "Real Madrid announces that tomorrow, Thursday 17 June, at 12:30 pm, an act of tribute and farewell to our captain Sergio Ramos will be held, which will be attended by our president Florentino Perez.
"Sergio Ramos will then appear before the media in a virtual press conference."