The duo spent 15 seasons together at Madrid and were both key members of the back four that won four Champions League titles, as well as five La Liga championships and two Copa del Reys.
In total, Marcelo has made 546 appearances for Los Blancos and will undoubtedly go down as one of the club's greatest ever servants.
Following confirmation of the left-back's departure, Ramos took to social media to heap praise on the 34-year-old. The former Real Madrid captain posted (as per Managing Madrid):
"Brother, you say goodbye today, but your legacy is eternal. Congratulations on achieving the impossible."
Ramos was the left-centre-back who would often lineup alongside Marcelo, with the former Brazil international providing left-winger Cristiano Ronaldo on a regular basis.
Marcelo bids farewell to Real Madrid following an incredible 16 seasons
The 34-year-old full-back won 25 trophies at Real Madrid and has insisted that he will not retire from football, despite his Galacticos contract finally expiring.
The legendary defender told a press-conference (as per BBC Sport):
"Today is the happiest day since I've been in Madrid because as I leave I realise I've left a legacy."
When asked if he felt his years of service should have earned him another year in the Spanish capital, Marcelo replied:
"I did not want to stay for another year or two out of pity. I'm always going to support Real Madrid and together we've decided to leave it well, and through the front door.
"I don't feel like a legend. Life doesn't end here. I'm going to continue playing. I believe I can continue but I'm not thinking much about the future. The most difficult thing is to say goodbye. To put on this shirt has been the most beautiful."
Club president Florentino Perez was also full of praise for the player, as he added:
"We wanted to pay a passionate tribute to our great captain. We speak of a legend, the player with the most titles in the history of Real Madrid.
"Dear Marcelo, you have accomplished all the dreams. You have won absolutely everything. You are without doubt one of the best full-backs in the history of world football, a unique player."