Sebastian Vettel sparks retirement rumours after confirming Ferrari exit

Four-time Formula 1 World Champion Sebastian Vettel has sparked rumours of retirement after confirming his exit from Ferrari.

After reports circled regarding Vettel's potential departure from Ferrari, the news was confirmed in a statement on Tuesday evening AEST, with the German to leave the team at the end of the 2020 season.

Vettel's wording in the statement raised eyebrows among F1 fans as he appeared to hint at some time away from the sport.

"What's been happening in these past few months has led many of us to reflect on what are our real priorities in life," Vettel said in the statement.

"One needs to use one's imagination and to adopt a new approach to a situation that has changed.

"I myself will take the time I need to reflect on what really matters when it comes to my future."

Vettel disputed claims that his exit from Ferrari at the end of the season was due to financial matters.

"In order to get the best possible results in this sport, it's vital for all parties to work in perfect harmony," he said.

"The team and I have realised that there is no longer a common desire to stay together beyond the end of this season.

"Financial matters have played no part in this joint decision. That's not the way I think when it comes to making certain choices and it will never be."

Scuderia Ferrari Team Principal Mattia Binotto also noted that there was "no specific reason" for the mutual decision to part ways.

"It was not an easy decision to reach, given Sebastian's worth as a driver and as a person," he said in a statement.

"On behalf of everyone at Ferrari, I want to thank Sebastian for his great professionalism and the human qualities he has displayed over these five years, during which we shared so many great moments.

"We have not yet managed to win a world title together, which would be a fifth for him, but we believe that we can still get a lot out of this unusual 2020 season."

With Vettel's exit from Ferrari now confirmed, the question remains where to now for both the team, in terms of a replacement for him, and whether Vettel will remain in the sport.

Australia's Daniel Ricciardo has long been linked to a Ferrari switch, with his time at Renault almost certain to end at the end of this season after a big-money switch.

Renault recently reiterated its desire to keep Ricciardo, who is off-contract after this season, but admitted that it was difficult to do so with no racing so far in 2020.

With Ricciardo's future up in the air, Italian press have suggested that Renault may have already approached Vettel with a concrete offer.

Vettel's exit also throws up the possibility of six-time World Champion Lewis Hamilton linking up with Ferrari, given he will also be off-contract at the end of the season.

The German's exit from Ferrari is likely to improve Hamilton's bargaining position with Mercedes.

While a number of F1 stars are off-contract at the end of the year, Vettel's partner at Ferrari, Charles Leclerc, is signed through 2024.