Jose Mourinho will quit Real Madrid at the end of the season after coming to a mutual accord with the Spanish club that brings to an end a disappointing three-year stint by his high standards.
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The Portuguese's imminent departure, three years before his contract expires, will add fuel to widespread expectations he is poised to return to former club Chelsea.
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While Real have yet to name a successor, president Florentino Perez confirmed the club had approached Paris St Germain to ask about the availability of Carlo Ancelotti.
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"After the talks with our coach Jose Mourinho we have reached the agreement to end the contractual relationship at the end of this season," Perez told a news conference at Real's Bernabeu stadium after a board meeting on Monday.
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"Both the club and the coach agree that it is the right moment to end this relationship," the construction magnate said, adding Mourinho would not receive a payoff.
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The club have two La Liga games left to play this season and Mourinho's final match in charge will be at home to Osasuna the weekend after next.
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Real's move for Italian Ancelotti, who has told PSG he wants to leave, had been rejected by the French champions but he was not the only candidate, Perez said.
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"We have not agreed any pre-contract with any coach. That is a job for the next few days. It is not an issue we will resolve tomorrow," he said.
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PSG sporting director Leonardo said on French radio on Monday the situation with Ancelotti, who has another year to run on his contract, had not changed
Good its official now. It means he wasn't destined to win the Champions League trophy with Real Madrid. Maybe he is no longer 'The Only One'.