The veteran defender had reportedly rejected several offers from the club, wanting a new two-year deal.
Ramos, who has been with Madrid since joining from Sevilla in 2005, will front the media in a special press conference on Friday, the club confirmed.
Julen Lopetegui's ambitious club is rumoured to have put a five-year contract offer to the star centre-back, according to an esRadio report.
The 35 year-old is out of contract this off-season with Madrid, with his future generating widespread speculation.
It will bring to an end the defender's 16-year association with Los Blancos.
The biggest legend in the club's history is leaving @realmadrid. All the best on your next step, my bro. Still look back so fondly on our time spent together in Madrid 🤍 #theBestCBever @SergioRamos pic.twitter.com/FXbzwrjQvn— Mesut Özil (@MesutOzil1088) June 16, 2021
Recent reports claimed that Ramos would stay at the Santiago Bernabeu, with Los Blancos having offered him a new deal.