He is being replaced by seven-time world champion Lewis Hamilton, who has decided to ditch his Mercedes team following three seasons of underperformance.
Sainz is instead moving to Williams, a team with whom he has already made his debut with during the post-season test in Abu Dhabi.
Sainz given farewell present
Ferrari have been engaging in a number of farewell activities for Sainz since the end of the season, celebrating the highly-popular Spaniard's time with the team.
Earlier this week, Sainz and his father, Carlos Sainz senior, took to the private Fiorano track together, in what was his 62-year-old father's Ferrari debut.
Now, it's being reported by Italian publication Gazzetta that Sainz has also been presented with another gift as he leaves Ferrari.
The Spaniard has reportedly been given the team's 2022 car, the Ferrari F1-75, as a thank you for his time spent with the team.
The F1-75 was the one in which Sainz managed to claim his first ever grand prix victory, at the 2022 British Grand Prix, and was the car that saw Sainz manage a fifth-place finish in the drivers' championship.