Sergio Perez is to leave Red Bull two years before the end of his contract after reaching a termination agreement with the team.
The move comes after a weak season for the Mexican, who failed to win a race and finished on the podium only four times as team-mate Max Verstappen won his fourth world title.
Perez, who has essentially been sacked, said: “I’m incredibly grateful for the past four years with Red Bull Racing and for the opportunity to race with such an amazing team.
“Driving for Red Bull has been an unforgettable experience and I’ll always cherish the successes we achieved together.”
Perez, 34, is expected to be replaced by 22-year-old New Zealander Liam Lawson, in a promotion from the sister Racing Bulls team.
Lawson, who drove six races at the end of 2024 and five during 2023, is said to have been told he would be promoted before the season-ending Abu Dhabi Grand Prix.
Frenchman Isack Hadjar, who finished second in Formula 2 this season, is expected to join Racing Bulls alongside Japanese Yuki Tsunoda, who has been overlooked by Red Bull for a seat in the senior team.
In Abu Dhabi, Perez expressed his concern for an inexperienced driver being put in alongside Verstappen.
“Being team-mates with Max at Red Bull as a young driver, I wouldn’t like to be in those shoes, if I’m honest,” Perez said.
“People cannot underestimate the level of challenge that there is in this seat.”
Although Red Bull had already decided to ditch Perez, he was reluctant to leave and his management sought the best possible compensation agreement before acquiescing.
The team said “announcements regarding the team’s full 2025 line-up will be made in due course”.
Red Bull team principal Christian Horner added: “I would like to thank Checo [Perez] for all he has done for Red Bull Racing over the past four seasons.
“From the moment he joined in 2021 he proved himself to be an extraordinary team player, helping us to two constructors’ titles and to our first one-two finish in the drivers’ championship.
“While Checo will not race for the team next season, he will always be an extremely popular team member and a treasured part of our history.”
“It’s been an absolute pleasure driving alongside you,” Verstappen posted on social media.
“We’ve had some amazing moments together that I’ll always remember.”