In the last few days, Spanish media reports claimed that the 57-year-old would hand in his resignation in the immediate future.

Calderon reportedly stacked a general assembly with fake delegates in December in order to get Real's annual accounts approved.

A couple of days ago, he said that he had relieved two of his assistants of their duties, and played down his departure allegations.

But apparently Calderon was forced to resign by some board members, and now Vice-president Vicente Bolunda is set to succeed him.

Calderon, who was elected to power in 2006, is expected to disclose more details about the fraud accusations in a press conference later on Friday.