That piece of news sent the drivers' market into overdrive, with Mercedes opting to replace the seven-time world champion with 18-year-old rookie Kimi Antonelli.
Alongside Antonelli, Jack Doohan will be making his full-time debut with Alpine in 2025, while Gabriel Bortoleto will make his debut with the current Sauber-owned team.
On top of this, young British talent Oliver Bearman will also drive with Haas, having impressed during two grand prix weekends in 2024, and will replace veteran racer Kevin Magnussen.
Magnussen signs for new team
Magnussen has been racing in F1 since 2014 - minus the 2015 and 2021 seasons where he was replaced by McLaren and Haas respectively - claiming one podium and one pole position in that time.
With no other viable options on the F1 grid left for Magnussen, his F1 career is drawing to a close, with the Abu Dhabi Grand Prix this weekend set to be his final race in the series.
However, it's now been revealed that Magnussen has secured a new role in motorsport, with an official statement confirming that the Dane will take up a role with BMW M Motorsport.
The 32-year-old is set to join the German car manufacturer's hypercar programme, driving the BMW M Hybrid V8 in the 2025 season, likely taking part in the IMSA championship and the World Endurance Championship.
In an official statement, Magnussen said: "I am happy and proud to represent such an iconic motorsport brand as BMW in some of the world’s most legendary races.
"After ten years in Formula 1, I am embarking on a new and exciting chapter, and I look forward to taking on the challenge in the most innovative and advanced sports cars in the history of endurance racing.
"A huge thank you to BMW M Motorsport for this fantastic opportunity. I can hardly wait to start the preparations and look forward to kicking off the 2025 season with the rest of the team."
Let’s give a heartfelt welcome to Kevin Magnussen as he joins the BMW M family! 🙌✨
The 32-year-old Danish racing star is officially becoming a BMW M works driver and will take the wheel of the BMW M Hybrid V8 next year. 🏎️💨 pic.twitter.com/mtSiwJj0ox