Real Madrid has confirmed the departure of their icon Karim Benzema at the end of the season amid reports of an imminent move to Saudi Pro League champions Al-Ittihad.
The 35-year-old spent 14 years at the Santiago Bernabeu where he won numerous trophies.
He has clinched four La Liga titles, and five Champions League trophies.
Los Blancos announced a farewell ceremony for the Frenchman on Tuesday, with president Florentino Perez set to be present.
The Spanish club issued an official statement on Sunday, it said: "Real Madrid Football Club and our captain Karim Benzema have agreed to bring his brilliant and unforgettable time as a player at our club to a close.
"Real Madrid would like to show our gratitude and affection to a player who is already one of our greatest legends.
"Karim Benzema's career at Real Madrid has been a shining example of conduct and professionalism, and he has represented the values of our club. Karim Benzema has earned the right to decide his future. Madridistas and all the fans all over the world alike have enjoyed his magical and unique football, which has made him one of the great icons of our club and one of the great legends of world football.
"Real Madrid is and always will be his home, and we wish him and all his family all the best in this new stage of his life. Next Tuesday 6 June, at 12:00pm (CEST), an institutional act of homage and farewell to Karim Benzema will take place at Real Madrid Sport City, which will be attended by our president, Florentino Perez."
Benzema agrees to join Al-Ittihad
Al Saudiya tv channel announced on Sunday that the veteran striker has reached an agreement to join Saudi giants Al-Ittihad on a two-year deal.
Al-Ittihad president Anmar Al-Haili travelled to Madrid to personally seal the deal.
Benzema will be reuniting with former teammate Cristiano Ronaldo who accepted a move to Al-Nassr earlier this year.
Lionel Messi is expected to join Al-Hilal in the upcoming weeks as well following the end of his Paris Saint-Germain deal.
