Real Madrid's Italian coach Carlo Ancelotti gestures during the UEFA Champions League semi-final second leg football match Real Madrid FC vs Juventus at the Santiago Bernabeu stadium in Madrid on May 13, 2015. PHOTO: AFP
"The board of directors have decided to relieve Carlo Ancelotti of his duties," Perez told a news conference.
Ancelotti, who had a three-year contract that was due to run until the end of next season, led Real to a record-extending 10th European crown and a King's Cup triumph in his first term in charge in 2013-14.
However, this season they were eliminated in the Champions League semi-finals by Juventus while Barcelona won La Liga. Real also lost to Atletico Madrid in the King's Cup last 16 in January.
There was no immediate announcement on who would replace Ancelotti at the Santiago Bernabéu.
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