Rafael Benitez has been sacked by Real Madrid just seven months after he was appointed as Carlo Ancelotti's successor at the Bernabeu.

Madrid president Florentino Perez made the announcement at an emergency press conference this evening, also confirming that Zinedine Zidane will take over the reins at the Spanish giants.

Benitez, whose first coaching role was with Madrid's B team in the 1990s, was given his marching orders 24 hours after his side relinquished a 2-1 lead to settle for a 2-2 draw against Valencia at the Mestalla on Sunday.

Reports emerged on Monday afternoon claiming that the club's board called for a meeting to discuss the future of Benitez, who has struggled to earn support from the majority of Madrid fans since his arrival in June.

Concerns over Benitez's position arose almost two months ago when Los Blancos were beaten 4-0 by arch rivals Barcelona at the Bernabeu.

The team, who will face Roma in the knockout rounds of the Champions League next month, went 10 games unbeaten in La Liga between August and October, but after a league standing of 11 victories, four draws and three defeats, the Spaniard's time at the club has come to an end.

Zidane, who has held a number of roles at the club since bringing his playing days to an end, will now take over in what is his first major managerial role.

The Frenchman, who is a three-time FIFA World Player of the Year, made 225 appearances for Los Blancos, winning one league title and the Champions League during his five-year stint as a 'Galactico'.

He has since served as assistant manager to Ancelotti, helping the club clinch their 10th Champions League crown, before taking charge of the Castilla team in June 2014.

Zidane's first match in charge of Real Madrid comes on Saturday when they host Deportivo La Coruna at the Bernabeu. Madrid currently sit four points adrift of league leaders Atletico Madrid.