Vazquez debuted for Los Blancos in September 2015. Over ten seasons, he made 402 appearances, winning 23 trophies, including five Champions League titles and four La Liga titles.
A product of Real's youth academy, his only time away from the club was a one-year loan spell at Espanyol.
Vazquez's parting message
Real Madrid announced on their official website that they will hold an official farewell ceremony for Vazquez. It will take place on Thursday, July 17th at 1 PM CEST, with club president Florentino Perez in attendance.
"Dear fans, it's been almost two decades since I arrived at Real Madrid as a 16-year-old, full of dreams and enthusiasm, ready to wear this jersey.
"Every step of this journey has been a gift, and over time, Madrid has become my home. Together we've experienced unforgettable triumphs and created memories that will stay with me forever.
"From the bottom of my heart, I thank the president, the board, the staff, the coaches, my teammates, and above all, the fans. The time has come to say goodbye to the club of my life," Vazquez wrote on Instagram, via Sport.
Club statement
"Lucas has exemplarily represented the values of Real Madrid, making him one of the most beloved players among our fans. His character symbolises hard work, perseverance, humility, and a winning spirit.
"These aspects are essential for success in this jersey. He is a player who has the recognition of all Madridistas. Real Madrid wishes him the best of luck in this new stage of his life. Real Madrid will always be his home," Perez said in a club statement.