Fernando Martin quit this week. However, he vowed to once again run for the position at the upcoming elections.
Spokesman Enrique Sanchez said: “The board have agreed unanimously to call for a presidential election.
“They have accepted Martin's resignation so that he can stand in those elections.”
The club have appointed Luis Gomez-Montejano, 83, as president up until the vote.
Spanish soccer giants Real Madrid have seen the back of another club president – just months after Florentino Perez stepped down in February.
