[Real Madrid] Mourinho granted exit, PSG wont release Ancelotti for Real

Real Madrid have announced that head coach Jose Mourinho will leave the club at the end of the season after three years in charge of the Spanish giants.

President Florentino Perez revealed the decision at a packed news conference.

Mourinho, 50, who has been linked with a return to Chelsea, won the league and Copa del Rey at Madrid.

"We've decided to bring our relationship to an end," said Perez. "Nobody's been sacked, it's a mutual agreement."

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 Real Madrid target Carlo Ancelotti has asked to leave his role as Paris St-Germain coach but has been told by the club's president "it is not possible".

The Spanish giants had an approach for the Italian rejected last week.

"I've asked to leave and I am waiting for their answer," said Ancelotti, 53.

But PSG's Qatari president Nasser al-Khelaifi said: "He asked to depart for Real Madrid. It is not possible because he has a contract for one year more, so that is our decision."