Nacho's 23-year association with Real Madrid will officially come to an end on June 30, with the centre-back set to leave the European champions when his current deal expires.
The 34-year-old made 46 appearances for Los Blancos last season and had been tipped to sign another one-year contract with Carlo Ancelotti's side, but he has instead decided to move on.
Real Madrid are therefore expected to sign a new centre-back this summer to add to their current crop, which includes Antonio Rudiger, Eder Militao and David Alaba.
With that in mind, we look at three players who could potentially be of interest to the La Liga giants after Nacho's decision to call time on his glittering Bernabeu career.
Leny Yoro (Lille)
Nacho's decision to leave Real Madrid could be bad news for Manchester United, Liverpool and Paris Saint-Germain, with the Spanish club potentially now stepping up their interest in Lille's Yoro.
The 18-year-old, who is regarded as one of the best young talents in world football, made 44 appearances for his French club last season, scoring three times in the process.
Yoro's contract is due to expire next summer, and it is believed that he is available for around €60m (£51m).
The defender's preferred club is thought to be Real Madrid, with Yoro expected to wait for the Spanish outfit to confirm their position before agreeing a deal with another side.
The teenager could now be en route to the Spanish capital in time for the 2024-25 campaign.
Antonio Silva (Benfica)
Like Yoro, Silva is regarded as one of the outstanding young centre-backs in world football, and it would not be a surprise to see him leave Benfica for mega money in the not too distant future.
Man United are also believed to be interested in the 20-year-old, who is currently with the Portugal squad at Euro 2024.
Silva has an €100m (£84.4m) release clause in his current deal, though, meaning that Benfica are in a strong position when it comes to his future.
Real Madrid are thought to be in favour of replacing Nacho with a young centre-back rather than an established star, and Silva certainly fits the bill for Ancelotti's side, but he would be more expensive than Yoro.
Goncalo Inacio (Sporting Lisbon)
Another player who could seemingly be on the move this summer is Sporting's Inacio, and the defender is also currently with the Portugal squad at this summer's European Championship.
The 22-year-old was in impressive form for his Portuguese club during the 2023-24 campaign, making 50 appearances in all competitions, scoring four goals and registering one assist in the process.
Inacio has another three years left to run on his contract, but the release clause in his deal is said to be €60m (£50.6m), meaning that he could potentially be the cheapest player on this list.
The centre-back showed his class last season and has now made 171 appearances for Sporting in all competitions, including 13 outings in the Champions League.
Man United are also said to be tracking Inacio, as well as Yoro and Silva, so it will be fascinating to see how the centre-back market develops in the coming weeks, with one transfer likely to cause a domino effect.