Newey signed a fresh contract with the team only last year, however he has negotiated an early release from his contract.
More importantly, he will also be allowed to join a rival team when he departs from Red Bull, with his next venture widely speculated.
Will Newey join Ferrari in 2025?
Whilst reports suggest that Newey has already signed a contract for Ferrari his manager, Eddie Jordan, has denied these claims.
Regardless, Newey is still tipped to join the Scuderia alongside Lewis Hamilton, who will move to Ferrari for 2025, who has expressed a strong desire to work with the legendary engineer.
Newey is not short of offers from other teams, however, with Mercedes reportedly offering him lucrative shares in the team if he joined.
Furthermore, Williams and Aston Martin have also stepped up their efforts to lure the Brit to their teams for 2025.
Former F1 winner Juan Pablo Montoya has revealed the unique aspect of Ferrari that could tempt Newey to the team.
“I think the only reason he would go to Ferrari is if he could get to build road cars,” he said, according to the Express.
“If Ferrari said, 'The next five supercars you're in charge of, and you've got to build the F1 car', I think he would jump on that opportunity in a heartbeat because he likes pushing beyond what's possible."
"He's done that Red Bull car, which is supposed to be insane. But it's a Red Bull car, not a Ferrari. It's about the badge, whether you like it or not."