Florentino Perez reportedly threatened to end Sergio Ramos's Real Madrid career during a heated argument in the aftermath of Tuesday's defeat to Ajax.
Emotions are said to have boiled over in the dressing room when the club's president marched in demanding an explanation for his side's 4-1 loss, which led to their exit from the Champions League.
Four of Spain's top newspapers, AS, Marca, El Pais and ABC, all report that Perez and Ramos faced off.
Perez is alleged to have told the long-serving defender that he was not afraid to sack him, to which Ramos responded that he would be happy to leave if he is paid off.
The 32-year-old played no part in the second leg with Ajax after getting himself deliberately yellow-carded so that he would not have a ban hanging over his head for the quarter-finals - a ploy that badly backfired.
Ramos has been at the Bernabeu since 2005 and has another 15 months to run on his existing deal.
