Hamilton's exit also coincided with reports of internal instability at Red Bull and rumors that team chief Helmut Marko could depart the team.
All of this combined led to plenty of speculation that the Dutchman could make the move to Mercedes for 2025.
Will Verstappen leave Red Bull?
Mercedes eventually announced the signing of Andrea Kimi Antonelli to the team, who will line up alongside George Russell this year.
Despite their decision to support junior driver Antonelli, Wolff has recently revealed that he engaged in talks with Verstappen last year.
When asked in an interview how long he hoped Verstappen would sign to Mercedes after turbulence at Red Bull, the team principal revealed the details of their talks.
“There was never a plan. We always talked and kept the line of communication open,” Wolff said to Auto Motor und Sport.
“At some point he said that he wanted to stay where he was for now because it felt right to him.
“And I said we'd go with Kimi [Antonelli] because it felt right to us too. And now we'll see where it all takes us.”