Real Madrid hope to appoint Carlo Ancelotti's successor next week after sacking the Italian on Monday - just over a year to the day since he guided them to their 10th European Cup success.

Ancelotti guided Real to an extra-time Champions League final victory over city rivals Atletico last May which earned them a record-extending 'La Decima', but he was relieved of his duties after a disappointing second campaign in charge at the Bernabeu.

The 55-year-old Italian has been shown the door after Real finished runners-up to Barcelona in the Primera Division and lost to Juventus in the semi-finals of the Champions League during a campaign that yielded no major silverware.

Real Madrid 1 Juventus 1 player ratings Show all 22 1 /22 Real Madrid 1 Juventus 1 player ratings Real Madrid 1 Juventus 1 player ratings REAL MADRID: Casillas 7 The Spaniard was excellent when called upon tonight and showed his experience to keep the back four composed as Juventus pressed for an away goal. Couldn’t do anything about the goal. Real Madrid 1 Juventus 1 player ratings Carvajal 7 Carvajal was steady tonight and looked to get forward whenever he could to help the attacking cause. Provided great deliveries from wide positions. Real Madrid 1 Juventus 1 player ratings Varane 7 The young centre back improved hugely from his dismal display in the first leg. He didn’t give Morata a moment’s peace and showed his potential on the big stage. Real Madrid 1 Juventus 1 player ratings Ramos 7 Looked more comfortable in his familiar centre back position and held his own well against the in-form Tevez. Showed his importance at the heart of Madrid’s defence. Real Madrid 1 Juventus 1 player ratings Marcelo 7 After a night to forget in Turin, Marcel was back to his best at the Bernebeu. Defensively sound but gave great support to Ronaldo on the left flank. Real Madrid 1 Juventus 1 player ratings Isco 7 The young Spaniard showed his class tonight, pressing high on the Juventus midfield and finding space in front of the back four on a regular basis. Real Madrid 1 Juventus 1 player ratings Kroos 7 As always, Kroos was assured on the ball and looked to get things going from deep. Finally filled the void left by Luka Modric in the midfield. Real Madrid 1 Juventus 1 player ratings James 7 He may have gone down easily for the penalty but the Colombian was a nuisance in his favoured central midfield role. Found the gaps constantly. Real Madrid 1 Juventus 1 player ratings Bale 6 Although he wasn’t at his majestic best, Bale showed some improvement on his first leg performance. Still seemed quiet and low on confidence though. Real Madrid 1 Juventus 1 player ratings Benzema 7 Benzema showed Madrid what they were missing in the first leg; a focal point. Stretched the Juventus back four and linked up well with the midfield. Real Madrid 1 Juventus 1 player ratings Ronaldo 7 Constantly tried to get Madrid going even if it didn’t come to fruition. Scored the first goal and but cut an incredibly frustrated figure in the second half. Real Madrid 1 Juventus 1 player ratings JUVENTUS: Buffon 7 The Italian veteran had another vintage display tonight. Pulled off countless world class saves to keep Juventus in the tie. Real Madrid 1 Juventus 1 player ratings Lichsteiner 7 The full back struggled to deal with Ronaldo defensively but showed his attacking prowess with some mazy runs down the flank. Real Madrid 1 Juventus 1 player ratings Bonucci 6 Didn’t make a single tackle in the first half and it showed. The experienced defender was overrun in the second leg and should’ve been punished more often. Real Madrid 1 Juventus 1 player ratings Chiellini 6 Ridiculous challenge on Rodriguez for the penalty but recovered well in the second half to give his side some sort of control. Real Madrid 1 Juventus 1 player ratings Evra 6 Showed that he can still play at this level marking Bale out of the game for much of the second leg. Looks to be a key figure in the Juventus squad. Real Madrid 1 Juventus 1 player ratings Marchisio 7 His industrious work ethic and perfectly timed runs from midfield made him a nuisance for the Madrid defence. Should’ve had a brace to himself. Real Madrid 1 Juventus 1 player ratings Pirlo 6 Wasn’t at his best tonight but gave Juventus what they needed when holding onto their lead; composure in possession. Made up for his lack of legs with his positional intelligence. Real Madrid 1 Juventus 1 player ratings Pogba 7 The Frenchman held his own at the Bernebeu and showed the world what he’s all about. Did his bit for his team’s defensive effort but didn’t show as much creative prowess as we’ve grown accustomed to seeing from him. Real Madrid 1 Juventus 1 player ratings Vidal 7 Worked tirelessly in a trademark performance for the Chilean. Kept the ball well when others around him were feeling the pressure. Real Madrid 1 Juventus 1 player ratings Tevez 8 The diminutive forward continues to take his game to another level. Led most of Juventus’s counter attacks even if he was more of a provider than a direct goal threat. Real Madrid 1 Juventus 1 player ratings Morata 8 The ex-Madrid man played his part in both legs and tonight put the final nail in the holder’s coffin. Great finish under pressure.

Club president Florentino Perez held a meeting with Ancelotti on Monday afternoon where he told the former AC Milan, Chelsea and Paris St Germain boss, who had one year left on his contract, that his services were no longer required.

"I would like to inform you that the board has taken the decision to relieve Carlo Ancelotti of his post as Real Madrid coach," Perez said at a press conference.

"It was a very difficult decision to make; the demands at this club are the utmost because Madrid always wants to win silverware.

"The affection that the players and the fans have for Carlo is the same as the affection I myself have for him.

"What did Ancelotti do wrong? I don't know. The demands here at Real Madrid are very high."

Perez has now presided over nine managerial sackings in 12 years in charge and reports suggest he will turn to former Real Madrid reserve team manager and current Napoli boss Rafael Benitez to fill the void left by Ancelotti's departure.

Any move for the former Liverpool, Valencia and Inter Milan coach is only likely to materialise once the Serie A season ends on Sunday, but Benitez has previously spoken of his wish to manage Los Blancos, calling the club his "sweetheart" while he was in interim charge of Chelsea in 2013.

Real Madrid president Florentino Perez (Getty Images)

Other options include outgoing Borussia Dortmund coach Jurgen Klopp and current Real reserve boss Zinedine Zidane and Perez hopes to confirm a replacement in a matter of days.

"With our great team, talent and hard work, we will be able to give satisfaction and happiness to our fans and our members," he added.

"I want to publicly say thank you to Carlo Ancelotti for these two years, for his hard work and all his affection, and tell him this is still his house and his home.

"Next week, we will know the name of the new manager of Real Madrid."