Pastor Maldonado confirms F1 exit after losing Renault seat

Autosport revealed earlier on Monday Magnussen had signed a deal for 2016 to replace Maldonado at the new Renault works team.

Now, via a statement, Maldonado has declared his immediate future is not in F1.

"As everyone knows, in recent days, there have been a number of rumours about my immediate future in Formula 1," he said.

"Today I most humbly inform you I will not be present on the starting grid for the 2016 F1 season."

"Thanks for all your messages of support, passion and concern for my future.

"I feel very honoured, with the support of all of you and proud of my professional performance.

"I thank God, my family, my sponsors, my friends, my fans and all who have helped me realise this great dream of being able to represent Venezuela in the pinnacle of motorsport.

"See you soon."

The statement brings to an end Maldonado's five-year career in F1, the first three with Williams, and the latter two with the Lotus team Renault has acquired.

The 30-year-old made 95 starts in F1, with the highlight being the 2012 Spanish Grand Prix victory with Williams.

Unfortunately for Maldonado, the Venezuelan earned a reputation as someone prone to being involved in incidents.

Maldonado was personally sponsored by PDVSA, his country's state-owned oil and gas giant, to the tune of $46million per annum.

PDVSA became involved in a dispute with Renault over payments, resulting in it opting to tear up the contract it had previously signed, leaving Maldonado without a seat.