Veteran midfielder Michel has decided to hang up his boots after 19 years playing for Primera Liga club Rayo Vallecano.
Michel, 36 - whose full name is Miguel Angel Sanchez - has been given a job in Rayo's youth sections.
He is the most successful and popular player in Rayo's history, having played 197 times for it in the first division, scoring 25 goals in the process.
Michel, who played for Spain at Under-20 level, also had brief spells at Almeria, Murcia and Malaga, always returning to Rayo afterwards.
He is something of a cult figure in Vallecas - the industrial southern suburb of Madrid where Rayo is based - for having stayed at the club despite relegation to the second and third divisions, and despite the financial problems that led to the players not being paid on several occasions.
Rayo narrowly avoided relegation last season, with club captain Michel cheering on his team-mates from the substitute's bench.
Real Madrid coach Jose Mourinho remained non-committal about where he will be next term after his side lost 2-1 in the Copa del Rey final against local rival Atletico Madrid to round off the "worst season" of his life.