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Ballon d'Or winner Karim Benzema will leave Real Madrid as a free agent in the close season after 14 trophy-laden years, the club said on Sunday.
"Karim Benzema's career at Real Madrid has been an example of behavior and professionalism, and has represented the values of our club. Karim Benzema has earned the right to decide his future," the club said.
"Madrid want to show their gratitude and all their love to someone who is one of our greatest legends."
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The French forward has been linked with a move to Saudi Arabia following his former Real Madrid teammate Cristiano Ronaldo's move to Riyadh-based club Al-Nassr.
The French forward joined Madrid in 2009 from Ligue 1 side Lyon.
Benzema established himself as a key player alongside Ronaldo and Gareth Bale in the vaunted "BBC" attacking trident, before developing into the team's leader when the Portuguese striker left in 2018.
Benzema has lifted 24 trophies with Madrid, including five Champions Leagues, four La Liga titles and three Copas del Rey and is the current holder of the Ballon d'Or for the world's best player.
He is Real Madrid's second top scorer of all-time, with 353 goals for Madrid, behind only Ronaldo on 450.
Benzema's final appearance for the club could be later today when Madrid host Athletic Bilbao in La Liga at the Santiago Bernabeu.
Madrid confirmed on Saturday that Eden Hazard, Marco Asensio and Mariano Diaz are all leaving this summer too, leaving plenty of space for new acquisitions in attack.
Ancelotti avoided talking on Saturday about Madrid's alleged interest in England and Tottenham striker Harry Kane.
"I'm not going to talk about the future of the squad that is in place," said Ancelotti.
"Kane is a great player, he is a Tottenham player, we have to respect the player and Tottenham."
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