Porto have announced Real Madrid legend Iker Casillas will leave at the end of the season.

Porto's communications director, Francisco J. Marques, explained on Saturday that due to the club's parlous financial situation there is a need to get players on big-money contracts off the club's books.

“For some time now the club has been spending more money than it should have done and we are required to cut costs, above all on player salaries, which accounts for the most significant amount," Marques said during an interview with A Bola.

“But these contracts remain active. Who costs the largest amount of money? The players. We will only be able to balance the books when contracts end. For example, Casillas' contract expires at the end of the season," Marques said, adding that in the case of the former Real Madrid keeper Porto had handed him “a very large contract.

“We will pay contracts religiously until they end, we have no alternative, but when they come to an end we will make millions of euros of savings annually."