Real Madrid has fired coach Carlo Ancelotti, one season after he led the club to its 10th European Cup title.

Club president Florentino Perez said Monday that Ancelotti's successor would be announced next week.

Madrid failed to win a trophy this season, finishing second in the Spanish league — two points behind archrival Barcelona — and losing in the Champions League semifinals to Juventus.

Speaking after a board meeting at the Santiago Bernabeu Stadium, Perez said it was time Madrid moved on and achieved "a new impetus."

Ancelotti completed two years of the three-year contract he signed with Madrid in June 2013.

Ancelotti came to Madrid from Paris Saint-Germain, where he was replaced on the same day by former France coach Laurent Blanc.