Real Madrid captain Sergio Ramos had a heated argument with club president Florentino Perez after Tuesday's 4-1 loss to Ajax, according to multiple reports in Spain.

The duo allegedly clashed in the team's dressing room after the defeat - which knocked holders Real out of the Champions League, 5-3 on aggregate.

Florentino Perez reportedly criticised the Real Madrid squad after their defeat to Ajax

Newspapers AS, Marca, El Pais and ABC reported the apparent face-off, saying Perez threatened to sack Ramos in front of the whole squad.

The reports added that the defender responded by saying he would be glad to leave Madrid, where he has played since 2005, providing he was paid the remainder of his contract.

Real Madrid and Ramos's representatives have yet to respond to requests for comment.

According to AS, Perez told the squad he thought their display in the last-16 second-leg defeat, their joint-heaviest home loss in European competition, was "shameful".

The reports claim this prompted an angry reaction from Ramos, who missed the game due to suspension.

Perez said he would sack the defender, who, according to AS, replied by saying: "Pay me and I will leave.

"I have given everything and broken my back for this badge, this club and for you".

Ajax caused a Champions League sensation on Tuesday night with a 4-1 win at Real Madrid

The loss to Ajax handed Real their earliest elimination from the Champions League since 2010 and ended their three-year domination of Europe's elite competition.

It also meant they have little left to play for with three months of the season remaining, capping a disappointing week in which they were knocked out of the Copa del Rey by Barcelona and also beaten by Barca in the league, falling 12 points behind their arch-rivals in the title race.