The team have confirmed that the German will be replaced by F1 rookie Oliver Bearman, but fans are still awaiting news on who will fill the second seat.
Magnussen has been at Haas since 2017, aside from a one-year hiatus in 2021, but is yet to put pen to paper on a deal beyond 2024 as both he and the team assess their options.
The Dane has been outperformed by Hulkenberg so far this year, as he finds himself 17 points behind his team-mate, down in 16th in the drivers' standings.
Despite this, Hulkenberg has backed Magnussen to find a seat for next year, insisting that KMag will have options if Haas do not want him.
“Obviously, it’s not my responsibility and not my decision at all," the 36-year-old said. "But Kevin’s been also very consistent this year.
“There were a few moments in sessions where really small details made a difference between him and myself and, often on TV, the outcome or the result looks massive.
"But, actually, it’s really small stuff from when I look at it, and obviously I have more access to data and see exactly what happened on his side.
“So I think he’s doing a solid job. I think he’s still a candidate, very much, for Haas or maybe some other teams.”