Carlos Ancelotti was relieved of his duties on Monday but holds no ill-feeling towards the club after praising the board and supporters in a message on Twitter
The Italian says he will remember his time as Real Madrid coach with fondness, despite being sacked by the club on Monday.
Madrid president Florentino Perez announced that Ancelotti had been relieved of his duties at the Santiago Bernabeu in a short press conference, bringing to an end his two years at the club.
The Italian coach has been widely expected to leave the Santiago Bernabeu this summer after a disappointing end to the 2014-15 season, which saw Madrid lose out to Barcelona in the Liga title race and exit the Champions League at the semi-final stage at the hands of Juventus.
Ancelotti then took to Twitter to express pride at his work in the Spanish capital, which saw him guide the side to their 10th Champions League crown and the Copa del Rey last season.
However, the Italian has paid the price for failing to win a major trophy this term, though he did at least win the Uefa Super Cup and Fifa Club World Cup earlier in the campaign.