It was widely expected that Clement would follow the Italian out of the Bernabeu after his sacking on Monday and the Englishman took to Twitter on Friday to confirm his departure.
Clement worked with Carlo Ancelotti at Chelsea and Paris St Germain before the duo moved to the Spanish capital in 2013 and has recently been linked with the vacant manager's positions at Derby and Sunderland.
It has been an honour to have worked with Carlo at the Number 1 Club in the World. Thank you to all the Players, Staff and Fans. Hala Madrid— Paul Clement (@PaulClement1972) May 29, 2015