Carlo Ancelotti is the new Real Madrid manager after quitting Everton to return to the Bernabeu.
Ancelotti, who joined Everton on a four-and-a-half-year contract in December 2019, replaces Zinedine Zidane in the Spanish capital.
The Italian told Everton's website: "I would like to thank the board of directors, the players, and the Evertonians for the tremendous support they have all given me during my time at the club.
"I have complete respect for everyone associated with Everton and hope they can achieve the exciting opportunities they have in front of them.
"While I have enjoyed being at Everton I have been presented with an unexpected opportunity which I believe is the right move for me and my family at this time."
The Goodison Park club said: "Everton would like to place on record its thanks to Carlo for his service to the club over the past 18 months.
"The club will begin the process of appointing a new manager immediately and will provide updates in due course."
Additional reporting by PA.
