Despite winning La Decima, the FIFA Club World Cup, and the Copa del Rey last year, there was much speculation about the job security of Real Madrid manager Carlo Ancelotti after he failed to bring a major trophy to the Bernabeu this season. And while his players have expressed support for him, the club confirmed that Ancelotti would not be returning to the Real bench next year.

"I would like to inform you that the board has taken the decision to relieve Carlo Ancelotti of his post as Real Madrid coach," Real president Florentino Perez said at a press conference. "It was a very tough decision to make; the demands at this club are the utmost because Madrid always wants to win silverware."

Adding, "The affection that the players and the fans have for Carlo is the same as the affection I myself have for him. What did Ancelotti do wrong? I don't know. The demands here at Real Madrid are very high."

Perez also indicated that the Milan legend's successor would be confirmed next week. Among the short list of candidates as reported by SportingLife.com are Borussia Dortmund coach Jurgen Klopp, Napoli manager Rafael Benitez, and Real reserve team head Zinedine Zidane.

"I want to publicly say thank you to Carlo Ancelotti for these two years, for his hard work and all his affection, and tell him this is still his house and his home," Perez also said.

Ancelotti, for his part, took to Twitter to express his gratitude towards the club. "I'd like to keep in mind this two fantastic years at real Madrid. Thanks to the club, the supporters and my players," he said while also telling Italian newspaper II Giornale that he plans to take time off to have a back operation.

"Great coach and amazing person. Hope we work together next season," Cristiano Ronaldo tweeted shortly before the sacking.