On Thursday, Real Madrid President Florentino Pérez called for the club's presidential club, calling a board meeting for next week.
The elections are taking place every four years, with Pérez have been re-elected since 2009.
The club said in a statement: "Real Madrid President, Florentino Pérez, convenes the club's Board of Directors on 7 January 2025, at 5:30pm CET, in order to begin the process of elections for President and Board of Directors for the next four years."
The requirements for Madrid presidential elections include being a club member for at least 20 years, and being able to personally guarantee 15% of the club's budget.
Pérez became the La Liga giants president for the first time in 2000, and his run lasted to 2006.
He returned to the same position in 2009, and was elected without facing any opposition in 2013, 2017 or 2021.
Pérez's run with Real Madrid made him the most successful club president as he won a total of 37 trophies, including six Champions Leagues in the last decade.