A statement from the club read: “Real Madrid announces that tomorrow, Thursday 17 June, at 12:30 pm, an act of tribute and farewell to our captain Sergio Ramos will be held, which will be attended by our president Florentino Perez.
“Sergio Ramos will then appear before the media in a virtual press conference.”
The centre-back’s contract expires at the end of June.
Previously, there had been reports the club were willing to give him an extension if he accepted a pay cut, he has now decided to depart.
The centre-back has 671 appearances, scoring 101 goals.