Hamilton's decision came following several years of frustration at the Silver Arrows as both he and the team fell a long way behind their main rivals.
Hamilton given Ferrari verdict
The 39-year-old had hoped to go out on a high at his current employers, and headed into the second half of his final campaign with grounds for optimism, having clinched surprise victories at Silverstone and Spa prior to the summer break.
But a significant drop-off in performance over recent months has seen Hamilton once again air his frustrations, most recently in Brazil, where he finished a disappointing 10th.
Last weekend's Las Vegas GP did see Hamilton return to the podium in a stunning Mercedes one-two, but he once again lost out to his team-mate following a mistake in qualifying.
With just two grands prix remaining at Mercedes, the 105-time racer winner is now beginning to turn his attention towards the future as he looks to add an eighth world title to his collection.
1997 F1 champion Jacques Villeneuve believes, should he achieve that, he would stand alone as the greatest driver the sport has ever seen.
Speaking to Grosvenor Sport, Villeneuve said: "That is the next step for him to become the biggest driver ever.
"Winning again with Mercedes would not really serve any purpose. But winning with Ferrari? There’s nothing bigger in the world after everything he has achieved.
"When he signed there was nothing to see. All he could see was where Mercedes had gone. So, it was time to move. And sometimes you go on a hunch, and you jump and you hope that the other ship is better.
"Then you look like a hero like he did when he went to Mercedes and people were asking, ‘What is he doing? Is he crazy?'. It turned out to be good.
"When he did sign for Ferrari nothing was in place like it is now, it wasn't the Ferrari we see today," Villeneuve continued.
"That's what you have to understand. It is a Ferrari. It's the biggest name in the car or motorsport industry and Lewis has been the biggest name.
"If he can win with Ferrari, he will be forever unbeatable. That's it. And he will cement his name. It's very simple.
"If he doesn't win with Ferrari, he still has got all the records. That would just be the ultimate step, so it's worth taking the gamble."