The news came as little surprise to those involved in F1, with the 35-year-old failing to recapture the form which saw him touted as one of motorsport's biggest talents at the beginning of his career at Red Bull.
Could Ricciardo soon be back on our screens?
Since discovering he was to be replaced by Liam Lawson, Ricciardo has been enjoying life away from the track as he takes a break from racing.
The eight-time race winner has remained tight-lipped on his future, but with his chances of a return to F1 all but over, has been linked with a number of major racing series across the world.
But FIA steward and former F1 driver Johnny Herbert believes Ricciardo would be suited to a career in punditry.
Given his status as a firm favourite amongst fans, Herbert is convinced he would be a real asset to broadcasters looking for a unique insight into competing at the top level.
Speaking to Flashscore USA, the Brit said: "Daniel Ricciardo [would be my pick to join the F1 Sky team].
"He has the experience, the smiley face, is telegenic and is very popular - he has a nice demeanour and a very good way of sharing the experience that he has had.
"He has had good and bad times too. All those experiences are what people want to hear about. Daniel would be a good addition."