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The 48-year-old Frenchman was initially appointed Madrid boss in 2016 and led the club to three consecutive Champions League titles during his first stint.
Zidane resigned as head coach in 2018 before he returned to manage Madrid in 2019 after Santiago Solari was sacked.
Now, transfer news expert Fabrizio Romano reports that the Los Blancos boss has decided to leave the Spanish club.
Zidane saw success in his second spell in charge as he led Madrid to the La Liga title and the Spanish Super Cup in 2020.
However, Los Blancos fell short in their league title defence in the following season as fierce rivals Atletico Madrid were crowned champions of Spain.
Alongside his three consecutive Champions League trophies, Zidane's first spell at Madrid also saw him capture a La Liga title, a Spanish Super Cup, two UEFA Super Cups and two FIFA Club World Cups.
Speaking after Madrid's 2-1 win over Villarreal last week, Zizou confirmed that he would hold talks with Los Blancos uppers over his future.
He told Spanish newspaper Mundo Deportivo: "We have given everything on the pitch and I am responsible for that.
"But with time I will be calm and I will talk to the club, and in the next few days we will see.
"We will see what will happens shortly. Not only with me, with everything the club is going to do for the next season."
The 51-year-old Italian ended Juventus' dominance over the Serie A title as Inter captured the Scudetto for the first time in 11 years.
Zidane and Massimiliano Allegri have both emerged as leading candidates to replace Andrea Pirlo as Juventus boss.
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