Sergio Ramos is leaving Real Madrid after 16 seasons with the La Liga giants, the club announced on Wednesday.

Madrid have scheduled a farewell ceremony for their longtime captain in the presence of club president Florentino Perez on Thursday.

Ramos, who joined the Bernabeu side from Sevilla in the summer of 2005, updated the cover photo on his Facebook page to read "Gracias. Thank you" alongside Real Madrid logo.

The 35-year-old is among the Madrid career leaders in games played and trophies won.

Sources told ESPN that Ramos wanted a two-year deal to stay in Madrid and negotiated with Perez until the last hours trying to reach an agreement.