Matildas star Hayley Raso delivers a sad bombshell about her career just weeks before the start of the Olympics

Hayley Raso has revealed she's been dropped by soccer giants Real Madrid in a shock move after spending two seasons with the Spanish club.

The 29-year-old Matildas star is now looking for a new team after giving her fans the sad news in an Instagram post on Monday.

Raso made history as the first Australian to play for the world-famous club and has been cut as a result of limits on the number of foreign players who can star in Spain's top-flight women's league.

'What an honour it's been to wear the white shirt,' Raso wrote on social media.

'Thank you @realmadridfem, my teammates, the staff, the club and the fans that welcomed me with open arms. I will continue to hold you all dear to my heart.

'This little, Aussie girl could never have dreamed of this. 

'In saying that, I have learnt in my career that football doesn't always work out the way we plan ... it's time for me to move on to a new adventure. 

'I'll always be supporting from afar. But most importantly, I will carry the friendships I've made with me for a lifetime.

'Muchas gracias por todo. Hala Madrid, siempre [Thank you very much for everything. Come on Madrid always].'

Raso had previously played with Everton and Manchester City in England, as well as starring for the Melbourne Victory and Brisbane Roar.

She started in 10 of her 28 matches for Real, scoring four goals and adding four goal assists. 

She will be one of the biggest talents for the Matildas in Paris after making coach Tony Gustavsson's squad earlier this month.

With the side already missing skipper Sam Kerr through injury, Raso shapes as one of the team's key players as they also sweat on the fitness of Katrina Gorry and striker Caitlin Foord.

The Queenslander was a standout for the Matildas at last year's World Cup and will once again feature heavily in Paris, where the Aussies begin their campaign against big guns Germany on July 25.

The Matildas will be effectively in each others' pockets as they work through an arduous training camp.

Australia can play two friendlies in the international window between July 8 and 16 and should lock in at least one, depending on the quality of opponents available.

Gustavsson conceded that might mean the Matildas wouldn't be in peak form during those friendlies - but he has the bigger picture in mind.

'It will be a three-week camp where it's very, very intense,' he said.

'It will be double sessions or triple sessions, gym sessions, running sessions, football sessions to make sure that we are peaking on July 25.