Real Madrid captain Sergio Ramos is leaving the club as a free agent after 16 years, 22 titles, and 671 appearances.
A farewell press conference will take place Thursday.
Ramos' contract will be allowed to expire after months of negotiations. Returning manager Carlo Ancelotti also tried to convince the 35-year-old to stay, according to The Guardian's Fabrizio Romano.
Madrid offered a one-year deal with a 10% reduction in salary, Marca's Jose Felix Diaz reports. Ramos was reportedly seeking a multi-year agreement.
Los Blancos usually limit players over the age of 30 to rolling one-year contracts.
Ramos is now likely to play outside of Spain for the first time in his career. He's been linked with moves to Manchester City, Paris Saint-Germain, and Juventus in recent months.
Ramos' final season in the Spanish capital didn't go to plan. A number of injuries - including a knee problem that required surgery in February - limited the Spanish defender to just 15 appearances in La Liga. Madrid ended the campaign without a trophy for the first time since 2009-10.
He leaves behind a hugely successful legacy. Ramos joined Madrid in 2005 from hometown club Sevilla and became captain after Iker Casillas' departure in 2015. He's widely regarded as one of the finest center-backs of his generation, having won La Liga five times, the Champions League four times, and the Copa del Rey twice.