Queiroz out, Camacho in at Real
The Portuguese coach has been shown the door after just one season at the club following Real's disastrous campaign.
Los Merengues finished the season without a trophy and ultimately slumped to a fourth-placed finish in La Primera - meaning they will have to qualify for next term's UEFA Champions League.
Real Madrid president Florentino Perez announced the change in a brief statement on Monday, insisting the club had been left with no choice.
"We can not allow another year like this one," the Madrid supremo stated.
"It is a sad day for all of us. It has not been a good season and we are deeply hurt by it."
Camacho has left Benfica to take up the reins at El Santiago Bernabeu where he made his name during his playing days as a defender - making 414 appearances between 1974 and 1989.
He was appointed manager at Real in the summer of 1998, but left within a month after a bitter row with board of the time.
The former Spain boss, who will be handed a two-year contract, led Benfica to the Portuguese Cup as well as second place in the league this campaign.
His appointment is sure to be popular amonst fans, especially after this season's travails, as Camacho is regarded as a Real man through and through.
Meanwhile, Real have postponed the official presentation of Argentine defender Walter Samuel which was also scheduled for Monday despite announcing the player has signed a five-year deal.
It has been decided that Samuel will undergo his medical after the forthcoming Copa America where he will be representing Argentina, although it has been revealed Real will hand him their number four shirt - vacant since Fernando Hierro's departure last summer.
In other news Real youngster Alvaro Mejia has signed his first profesional contract at the club, putting pen to paper on a five-year deal.
