"Everything in life has a start and an end... on Saturday I will play my last match at the Santiago Bernabeu," said Modric, 39, in a post on Instagram, as he reaches the end of his contract with Los Blancos.

"I'm leaving with a full heart, filled with pride, gratitude and unforgettable memories.

"And even though, after the Club World Cup, I'm no longer going to wear this shirt on the pitch, I will always be a Madrid fan."

The Croatian has played nearly 600 games for Real Madrid since joining from Tottenham in 2012, winning the Champions League six times, the Copa del Rey twice and four La Liga titles among 28 trophies in total.

Modric struggled at the start of his Madrid career after a move worth around 35 million euros ($40 million) but quickly found his footing and developed into one of the world's best midfielders.

Modric, who became Madrid captain last summer, won the Ballon d'Or in 2018 for his performances with Madrid and also his country, as Croatia finished as runners-up at the World Cup in Russia.

"Throughout these years I've experienced incredible moments, comebacks that seemed impossible, finals, celebrations and magical nights at the Bernabeu," continued Modric.

"We won it all and I was very happy. Very, very happy."

- 'Unforgettable era' -

Modric signed a one-year contract extension until June 30, 2025 last summer, but may stay a few days beyond that if Madrid progress from their Club World Cup group as expected. The tournament finishes on July 13.

"Real Madrid and our captain Luka Modric have agreed to end an unforgettable era... after the Club World Cup that our team will compete in from June 18 in the United States," said Madrid in a statement.

"Real Madrid want to show their gratitude and affection to someone who is one of the biggest legends at our club and in world football...

"Modric is one of the five players who, in the whole of football history, has managed to win six European Cups, and he is the player with the most trophies in 123 years of Real Madrid's existence."

The midfielder scored 43 goals for Madrid in 590 games, and is the club's ninth-highest appearance maker. Former striker Raul is first with 741 games.

"Modric will always stay in the hearts of all Madrid fans as a unique and exemplary footballer, who has always represented Madrid's values," said Madrid president Florentino Perez.

"Madrid fans and all fans in the world fell in love with his football, his legacy will remain forever."