Florentino Perez has called on Real Madrid's electoral board to set in motion the process of deciding the presidency and board of directors. (More Football News)
Madrid have not needed to carry out a full election since 2006, after the end of Perez's first spell in charge, which lasted just over six years.
Ramon Calderon won that vote but subsequently resigned in 2009, and Perez – who had overseen the 'Galactico era' in the early 2000s – returned for a second term as the only candidate to officially stand.
A similar situation has presented itself this time around, with Perez currently the only candidate in the race, meaning there would be no vote unless another member puts themselves forward.
However, Spanish businessman Enrique Riquelme, did last week suggest that he intends to run.
In a statement issued on their official website, Madrid said: "The president, having heard today's meeting of the board of directors, and in accordance with article 38, section b of the Real Madrid C.F. statutes, has asked the electoral board to initiate the procedure to call elections for president and board of directors."
Should it go ahead, Madrid's election is unlikely to be as tumultuous as that of Barcelona, with Joan Laporta having last month won the vote to take over at Camp Nou.
It came after former president Josep Maria Bartomeu, along with Barca's board of directors, resigned late last year.