Ramos will appear at the Ciudad Deportiva to confirm the decision with his contract due to expire on June 30. No extension has been agreed between player and club.
Real Madrid offered Ramos a one year deal with a 10 percent reduction in salary, though the defender was looking for at least a two year contract.
Ramos has been at Real Madrid for 16 years and will appear in front of the press at 12:30 CEST on Thursday where he will bid farewell to Los Blancos, alongside president Florentino Perez and club executives.
"Real Madrid C. F. announces that tomorrow, Thursday 17 June, at 12:30 pm, an institutional act of tribute and farewell to our captain Sergio Ramos will be held, which will be attended by our president Florentino Perez," a statement from Real Madrid read.
"Sergio Ramos will then appear before the media in a virtual press conference."