Nine seasons into his career, he has a reputation for a feisty driving style and straightforward approach to his racing.
The Dane has been outperformed by outgoing team-mate Nico Hulkenberg in their season and a half together, and likely needs to improve to remain in the sport.
What will Haas do for 2025?
Haas have the likes of Oliver Bearman, Valtteri Bottas and Carlos Sainz all on their radar, leaving them with plenty of options to choose from.
Speaking to the F1 website about his future, Magnussen shared a glimpse into what his future may look like.
“They’ve told me that they’re not in a rush, and that’s okay – they’re in control there,” he said.
“I think it’s a very open market at the moment, and lots of pieces have to fall in the puzzle. Slowly it’s starting to go together, and hopefully we’ll all have our future sorted quite soon.
“I think everyone is talking to everyone and checking what options we all have. As I said, hopefully everyone’s future will be sorted sooner rather than later.”