Hamilton has cut a frustrated figure in recent seasons, having been replaced as F1's dominant force by Red Bull star Max Verstappen.
Despite his ongoing struggles, the Brit demonstrated why he is widely regarded as one of the greatest drivers of all time at Silverstone earlier this month, producing a flawless display to seal his first victory since the 2021 Saudi Arabian Grand Prix.
He will hope a switch to his F1 rivals will provide more opportunities to fight for race wins as he chases a record-breaking eighth championship.
Ferrari switch 'very good' for F1
Though rumors had been building ahead of the 2024 season that the 39-year-old was becoming increasingly disgruntled at Mercedes, few were expecting such a significant announcement on his future.
Red Bull chief Marko has admitted he was 'really surprised' after hearing of Hamilton's plans, but added that his decision provided a major boost for the sport as a whole.
Speaking to GrandPrix247.com, the Austrian said: “There had been rumours but especially in the wintertime, a lot of rumours because no racing is going on.
"But when it was officially announced - I heard it one day before it was announced - I was really surprised. And on the other hand for Formula 1, it’s very good.
“This is the most successful driver we have in history, and together with Ferrari even the share price went up, so you see the effect on the marketing and the money side.
"What happened normally you start around July, August to talk about drivers for next year, and moving by Hamilton so early means everything was earlier.
"So most of the deals are already done. And yeah, we’ll see. It will be definitely interesting.”