- Asensio's contract expires this summer
- Rejected offer of new deal in Madrid
- Set to join PSG on free transfer
WHAT HAPPENED? The 27-year-old will depart at the end of June after an eight-year stint with Los Blancos following his move from Mallorca. He is widely expected to sign for PSG on a free transfer having agreed to a long-term contract worth a reported €10 million (£8.5m/$11m) per year.
THE BIGGER PICTURE: Asensio decided in May that he would reject Madrid's offer to extend his contract at the Santiago Bernabeu. He leaves as a three-time La Liga and Champions League winner. Real Madrid have also confirmed that Mariano Diaz will also leave the club this summer.
WHAT THEY SAID: In a statement, Real Madrid said: "As madridistas we will never forget his career and his outstanding conduct during all this time. Real Madrid is and will always be his home, and we wish him and all his family the best of luck in this new chapter in his career."
The player also shared a video bidding farewell to the club and its fans.
IN TWO PHOTOS:GettyGetty
WHAT NEXT FOR ASENSIO? Now his exit from Real has been confirmed, it will be a matter of time before he is confirmed as a PSG player, with only the formalities to be completed. Asensio will have the chance to bit farewell to the Bernabeu faithful when Los Blancos host Athletic Club in their final game of the season on Sunday.