A press conference will be held on Thursday to formally announce the Real captain’s departure after 16 years at the club.
Ramos joined Real from Sevilla in 2005 and has made 671 appearances for the La Liga club, winning five league titles, two Copa del Reys, four Champions Leagues and four Club World Cups.
It was during his time in the Spanish capital that he also won the 2010 World Cup with Spain along with back-to-back European Championships in 2008 and 2012.
However, injuries have taken their toll in the most recent campaign as he played just 21 times; as Real Madrid lost out in the title race to city rivals Atletico, while also going out at the semi-final stage of the Champions League.
The 35-year-old will be a free agent and a host of top clubs are already reported to be interested in signing him.