Karim Benzema is to leave Real Madrid after 14 years at the club.

The Ballon d'Or-winning striker, who joined the Spanish giants from Lyon in 2009, will depart on a free transfer when the season ends.

Benzema, 35, won five Champions Leagues and four La Liga titles with Madrid.

He leaves Madrid despite having a year left on his contract, and after Madrid manager Carlo Ancelotti said on Saturday that he expected Benzema to stay next season.

"Benzema as been an example of behaviour and professionalism, and has represented the values of our club," Madrid said. "He has earned the right to decide his future."

He is the third first-team player confirmed to be leaving Madrid in two days, after it was announced on Saturday that both Eden Hazard and Marco Asensio will also depart this summer.

The France international won a total of 25 major titles with Real Madrid, a record for the club.

Benzema is the Ballon d'Or holder, having guided Madrid to the Champions League title last season with 15 goals in the competition.

Also among his titles were five Club World Cups and three Copa del Rey triumphs.

Benzema, who has made 647 appearances for Madrid, is the second on their all-time goalscoring list with 353 - only Cristiano Ronaldo has more.

He is set to make his final Madrid appearance on Sunday against Athletic Bilbao, their final match of the 2022-23 La Liga season.

"Madridistas and all the fans around the world have enjoyed his magical and unique football, which has made him one of the great legends of our club and one of the great legends of world football," the club added.

"Real Madrid is and will always be his home, and we wish him and all his family the best in this new phase of his life."

Reports this week linked him with a lucrative move to Saudi Arabia.