Zinedine Zidane has resigned as manager of Real Madrid, after leading the club to a third successive Champions League triumph in Kiev last Saturday.

Zidane's shock announcement was made at a hastily arranged press conference on Thursday lunchtime, with the French legend confirming his intention to step aside from his role in an announcement few predicted.

"After three years, the players need a new voice and that is why it is time to change," stated Zidane at a press conference.

"Madrid has given me everything. I will be close to this club all my life, but the decision makes a lot of sense. It is the moment to make a change. After three years, this is what I've decided to do.

"I want to thank the fans. They have always backed me. They have always respected what I have done. I have a close link with these fans and I thank them for all their support and love."

There are strong rumours in Spain that departed Arsenal manager Arsene Wenger is a contender to take over at Real Madrid, with bookies slashing odds on the Frenchman taking over at the Bernabeu as news of Zidane's exit was confirmed.

Wenger has close ties with Real Madrid President Florentino Perez and confirmed that he had rejected tempting offers to take over at the Spanish giants on several occasions.

"Real Madrid, I think I turned them down two or three times. They are one of the teams I loved as a kid but I felt it was a very sensitive period for Arsenal," he told beIN sports.

"When we built the (Emirates) stadium, the banks asked me to commit for five years. The first time, it was inside the five years and I thought 'I cannot do that', it would be betraying my club."

With Wenger now available and suggesting he wants to continue working in the game at the age of 68, his appointment may be viewed by Perez as the perfect stop gap with some of the likely contenders for the job seemingly unavailable.

Tottenham manager Mauricio Pochettino is a strong contender to take over at the Bernabeu, but he signed a new long-term contract at Tottenham earlier this week.

Carlo Ancelotti – who led Real Madrid to a tenth Champions League title in 2014 – has recently been appointed as Napoli coach.

Real president Perez added: "This was a totally unexpected decision, Zidane informed me of his choice yesterday. I thank him for the work he has done."

Online Editors