The Spanish press have already given Real Madrid coach Manuel Pellegrini the sack following Wednesday night's Champions League exit, despite director general Jorge Valdano issuing a vote of confidence in the Chilean.

GettyImagesLyon players celebrate qualifying in Madrid

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Terms such as "failure", "catastrophe" and "nightmare" filled the newspapers in the wake of Real's 2-1 aggregate defeat to French side Olympique Lyon.

Despite Pellegrini vowing not to quit his job, and the club's vote of confidence, Madrid-based Marca, the biggest-selling daily in Spain, believe his exit is imminent, with their front page announcing: "OUT. Goodbye Champions, Goodbye Pellegrini."

It continued inside: "The same upset as every year. Madrid again go crashing against the curse of the last-16. Lyon join Juventus, Arsenal, Bayern Munich, Roma and Liverpool in the list of executioners."

Rival Madrid daily AS's front page read: "Catastrophe. Madrid couldn't overcome Lyon, not even in the Bernabeu." Inside the paper discussed how the "failure" and "nightmare" continues for Madrid and how Lyon deserved to go through.

El Pais newspaper made reference to the huge amounts of money that Madrid spent last summer following the return of Florentino Perez to the club presidency.

In a bid to take Madrid back to the top of the domestic and European game, the nine-time European champions spent in the region of £240 million on new players - including a world-record £80 million on Cristiano Ronaldo.

El Pais's headline read: "Football has no price."

It continued: "Lyon question the realism of the mega-project of Florentino Perez and Madrid, who ran out of steam in the second half, fell for the sixth successive season in the last-16. Titles are not bought, they are won."

Barcelona-based sports dailies El Mundo Deportivo and Sport, meanwhile, both went with a huge "KO" on their front pages.

El Mundo Deportivo twisted the knife by highlighting the possibility of Madrid's arch rivals Barca defending their European crown at the Bernabeu in May.

"Madrid will not be in the Bernabeu final! Failure of Florentino's project, incapable of overcoming the last-16 of the Champions League for the sixth successive year. Barca's dream of winning their fourth European Cup in Chamartin (Bernabeu) grows."

Sport added on their front page: "The great failure", whilst underneath showing the pictures of Perez, Pellegrini, Ronaldo and Kaka with captions alongside them.

The captions read: "'Florentino, broken. 300 million euros thrown away'. 'Pellegrini, sentenced. The Bernabeu calls for his head'. 'Cristiano, humiliated. He promised every title and has already lost two'. 'Kaka, the next problem. He left the pitch insulting the coach'."