Jose Mourinho will leave Real Madrid at the end of the season

Jose Mourinho will leave Real Madrid at the end of the season after the club and the coach agreed to his departure by mutual consent, the club's president Florentino Perez has announced.

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Mourinho will take charge of Real Madrid's final matches of the Primera Division season, away to Real Sociedad on May 26 and at home to Osasuna on June 2, after which he will depart the club.

Perez declared that Mourinho had come to an agreement with the club to rescind his contract.

"The club and the manager agree that the timing is right to bring our relationship to an end," Perez said at a press conference this evening.

"On behalf of the directors, I would like to thank Jose Mourinho for his hard work over the last three years."

Perez also announced that Real Madrid's presidential election will take place the day after Mourinho leaves the club, on Monday June 3.

Perez also declared that Mourinho would not receive any compensation for leaving the club, therefore forgoing the 20million-euro clause in the coach's contract in the event he was sacked.