Bravo, 41, joined Real Betis from English giants Manchester City in the summer of 2020.
The Chilean goalkeeper has since made 74 appearances for the La Liga club.
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But now Bravo is on an expiring contract with Real Betis, and according to transfer expert Fabrizio Romano, a decision about the future has been made.
The veteran will leave the Spanish club as a Bosman this summer.
Romano further reports that Bravo has no plans to put his gloves on the shelf just yet. Instead, a playing return home to Chile is on the cards.