Kevin Magnussen: 2016 Renault deal saved my Formula 1 career

The Dane raced for McLaren in 2014 but lost out to Jenson Button for a seat alongside Fernando Alonso at the team last season.

After a year as a McLaren reserve he parted ways with the team and then got a lifeline when the deal between Pastor Maldonado's sponsor PDVSA and Renault collapsed.

"Two years out would have been the end," said Magnussen when asked by Autosport if his F1 career could have withstood a second year on the sidelines.

"If you're world champion, you might be able to come back.

"But in my position, being out for two years would have been the end of my F1 career.

"This was make or break. Luckily, I made it."

Magnussen described the opportunity, racing alongside Jolyon Palmer, as a second chance he was keen to make the most of.

"This is a massive opportunity because not many drivers get a second chance," he said.

"I've been given a second chance and a very good chance with a top team.

"I can't tell you how happy I am. I'm looking forward to getting into the car."

Magnussen admitted he only signed the contract the day before Renault's launch, but initial talks had started as early as last year before accelerating last month.

"There was some contact with the [Renault] guys around the time they were getting serious about taking over Lotus but then it went quiet for a bit," he said.

"Then at the beginning of the year, we started having contact again.

"It's taken a while. I've waited for a long time. It's been a bit up and down but finally it is done."

The Dane, who will have his seat fitting on Friday, had alternatives in mind if he had lost out on an F1 seat.

He tested Porsche's LMP1 car and the Mercedes DTM contender over the winter.

"I had a few options, none of them were completely sure," he said.

"In some ways, it was nice to be able to try different racecars, which I wouldn't have been able to do.

"It was nice to try a DTM car, nice to try an LMP1 car but yeah I'm looking forward to being back in F1. That was always the goal."