Formula One team Ferrari and ace driver Sebastian Vettel on Tuesday jointly announced that the contract covering Vettel's services would not be extended.
As a result, Vettel will be leaving Ferrari beyond its current expiry date of the end of the 2020 Formula One season.
The team is yet to announce a replacement for Vettel.
"My relationship with Scuderia Ferrari will finish at the end of 2020. In order to get the best possible results in this sport, it's vital for all parties to work in perfect harmony. The team and I have realised that there is no longer a common desire to stay together beyond the end of this season. Financial matters have played no part in this joint decision. That's not the way I think when it comes to making certain choices and it never will be," Vettel said in an official statement.
"What's been happening in these past few months has led many of us to reflect on what is our real priorities in life. One needs to use one's imagination and to adopt a new approach to a situation that has changed. I myself will take the time I need to reflect on what really matters when it comes to my future," he added.
Vettel was expected to sign a new contract with the team before racing resumes later this year, however, the talks have seemed to be stalled.
"This is a decision taken jointly by ourselves and Sebastian, one which both parties feel is for the best. It was not an easy decision to reach, given Sebastian's worth as a driver and as a person. There was no specific reason that led to this decision, apart from the common and amicable belief that the time had come to go our separate ways in order to reach our respective objectives," Mattia Binotto, Managing Director Gestione Sportiva and Team Principal said.
Sebastian is viewed as a Ferrari great as he has recorded 14 Grand Prix wins making him the third most successful driver for the team.
He is also the one who has scored the most points with Ferrari.
In the five years together, Vettel has finished in the top three of the Drivers' Championship three times, making a significant contribution to the team's constant presence in the top three of the Constructors' classification.
( With inputs from ANI )