Real Madrid have announced that Karim Benzema will be leaving the club this summer.

After an injury-plagued 2022-23 season and a subsequent absence from France's World Cup campaign in Qatar, the 35-year-old Frenchman was expected to extend his stay with the Spanish club for another year.

He had previously decided to retire, but a rumoured offer from Saudi Arabia worth more than 100 million euros ($107.05 million) has changed his mind.

The Frenchman choose to forego his one-year contract extension.

"Real Madrid CF and our captain Karim Benzema have agreed to end his brilliant and unforgettable period as a player for our club," the team announced in a statement.

"Throughout his time with Real Madrid, Karim Benzema has set a standard for conduct and professionalism, and he has embodied the ideals that we hold dear as a club. Karim Benzema has earned the freedom to choose his own path.

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After Cristiano Ronaldo signed a 2-and-a-half year contract with Al Nassr in December, reported to be worth more than 200 million euros, Benzema might follow his former Real colleague to the Gulf country.

After Ronaldo left for Juventus in 2018, Benzema, who had joined Real from Olympique Lyonnais in 2009, took over as the club's primary goal-scoring threat.

More than 350 goals were scored by Benzema throughout his tenure at Real, with his greatest season coming in 2021-22 when he scored 44 goals in all competitions to help Real win a record-breaking 14th European Championship and the LaLiga championship.

He set a club record by bringing home a total of 25 trophies throughout his tenure with the team.