The Dane found himself in that situation after managing to rack up the maximum of 12 penalty points over the last 12 months, with points collected at the Italian Grand Prix tipping him over the edge.
Bearman, who previously impressed when stepping in for an injured Carlos Sainz at Ferrari, will step into the Haas seat full-time in 2025 having signed with the American outfit earlier this season.
Magnussen on the other hand is yet to secure a contract for next season and could be facing a permanent exit from the pinnacle of motorsport.
The 31-year-old has had his fair share of controversy this season and a number of high-speed crashes which ultimately led to him announcing his exit from Ayao Komatsu's team back in July.