Real Madrid have sacked head coach Carlo Ancelotti after the Spanish giants failed to win any major silverware during the 2014-15 campaign.
Ancelotti led Real to their 10th European Cup success last season but has been shown the door after they finished runners-up to Barcelona in La Liga and lost to Juventus in the semi-finals of the Champions League.
Real president Florentino Perez held a meeting with Ancelotti on Monday afternoonwhere he told the former AC Milan, Chelsea and Paris St Germain boss, who had one year left on his contract, that his services were no longer required.
"I would like to inform you that the board has taken the decision to relieve Carlo Ancelotti of his post as Real Madrid coach," Perez said at a press conference.
"It was a very difficult decision to make; the demands at this club are the utmost because Madrid always wants to win silverware.
"The affection that the players and the fans have for Carlo is the same as the affection I myself have for him.
"What did Ancelotti do wrong? I don't know. The demands here at Real Madrid are very high."
Ancelotti won the Champions League and Copa del Rey in his first season in charge at the Bernabeu, as well as the UEFA Super Cup in August 2014 before securing a fourth trophy when he guided them to FIFA Club World Cup glory in December.
But rumours 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.
Crucially, he also stated that the replacement will speak Spanish fluently, seemingly ruling out Jurgen Klopp and pointing towards the strongly-rumoured hire of Benitez.
"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."
The contenders
ZINEDINE ZIDANE
The Galactico is already part of the coaching staff at the Bernabeu and is highly thought of by president Florentino Perez. But it could be a gamble for his first job in management to come with the 10-time European champions.
RAFAEL BENITEZ
The former Liverpool manager is out of contract after two years at Napoli. He began his coaching career at Real and is not short of confidence. He may not be a popular appointment, but he did well at Chelsea when an unwelcome interim boss.
JURGEN KLOPP
The German leaves Borussia Dortmund this summer after a hugely successful seven-year spell. His signature will be coveted, with Liverpool a possible destination should they part ways with Brendan Rodgers, but Real would surely match his ambition.
JORGE JESUS
Should Real opt for another Portuguese, after Jose Mourinho, they may go for Jesus. He has impressed in leading Benfica to back-to-back Portuguese Liga titles and would likely welcome the opportunity to test himself in Madrid.
UNAI EMERY
The Spaniard could yet lead Sevilla to a second successive Europa League title and, with it, qualification for the 2015/16 Champions League. Emery has been linked with a move to Milan, but Madrid would surely appeal more.
