The 35-year-old, who has spent the last 16 years will become a free agent after he's contract ends on June 30th.
According to reports gathered, the defender wanted a two years deal with Real Madrid but could agree with initial one year deal proposed by the club.
Ramos spoke to the media with tears in his eyes earlier today:
"The moment has come, one of the most difficult in my life; the time has come to say goodbye to Real Madrid. I arrived hand in hand with my father...," is all Ramos could say before bursting into tears.
"It's impossible not to get emotional. I would have liked to say goodbye in our stadium, at the [Estadio] Santiago Bernabeu.
"Thank you, Real Madrid. I will always carry you in my heart. It's the end of a wonderful, unique period in my life, and the beginning of a period of hope and future with a great desire to show my best for many years to come and to be able to add another trophy to my list of honours.
"Thank you very much to everyone. This is more than a goodbye; it's a see you later, because I'll be back."
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