“The Electoral board…have agreed to an election for the club president and board of directors,” read a statement published on the English version of the club website.
Candidates have until June 18th to come forward, with the statement adding: “In the case that more than one candidate is announced, the Electoral board will make public the date and place for voting.”
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Perez was president between 2000 and 2006 and returned for a second spell in 2009, succeeding Ramon Calderon. Elections were announced in 2013 but Perez was the only candidate.
Madrid are fresh from winning a first Spanish title since 2012 to go with a third Champions League in four seasons.
The 70-year-old Perez, a civil engineer and head of construction firm ACS, changed the club's statutes in 2012 to make it harder to stand as a candidate.
Potential challengers need to have been 'socios', or members, of the club for 20 years and must be able to give a personal financial guarantee of 15 percent of the club's budget.
The 2017 Deloitte Football Money League listed Madrid's revenue in the 2015-16 season at 620.1 million euros ($696.8 million, £538.4 million), the third highest in the world.
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