Jose Mourinho will quit Real Madrid at the end of the season after coming to a mutual accord with the Spanish club that brings to an end a disappointing three-year stint by his high standards.

The Portuguese's imminent departure, three years before his contract expires, will add fuel to widespread expectations that he is poised to return to former club Chelsea.

While Real have yet to name a successor, president Florentino Perez confirmed the club had approached Paris Saint-Germain to ask about the availability of Carlo Ancelotti.

"After the talks with our coach Jose Mourinho we have reached the agreement to end the contractual relationship at the end of this season," Perez told a news conference at Real's Bernabeu stadium after a board meeting on Monday.

"Both the club and the coach agree that it is the right moment to end this relationship," Perez said, adding Mourinho would not receive a payoff.

The club have two La Liga games left to play this season and Mourinho's final match in charge will be at home to Osasuna the weekend after next.

Real's move for Italian Ancelotti, who has told PSG he wants to leave, had been rejected by the French champions but he was not the only candidate, Perez said.

Mourinho, 50, joined Real after leading Inter Milan to the Champions League title in 2010. He agreed to extend his contract with Real to June 2016 in May last year.

Perez had hoped Mourinho, whom he has often referred to as "the best coach in the world," would help the club win the 10th European crown that has eluded them since 2002 and end the dominant run of arch-rivals Barcelona.

To help realize his dream, he splashed more than 400 million euros ($513 million) of the club's money on players, including a world record 94 million euros on forward Cristiano Ronaldo.

However, after three seasons Mourinho's haul of major titles is one La Liga and one King's Cup, a hugely disappointing return for the world's richest club by income.

He ended a run of six successive years of last-16 exits in the Champions League but three semifinals in three years was not enough for the club.

"We believe (under Mourinho) we have made a very significant qualitative leap in sporting and competitive terms and we had not been where we should have been for six years," Perez said.

"Last year we were enjoying some spectacular soccer, beating all the records. This year the results are very good if you are common mortals but it is not enough for us."