Johnny Cecotto Jr has split with RP Motorsport ahead of this weekend's Formula V8 3.5 round at Paul Ricard.
The GP2 race winner joined the series this year with the new team, and won a race at the Hungaroring, but has been unable to find the budget to continue.
His place has been taken by GP3 racer Artur Janosz, who finished second in the 2014 Euroformula Open Championship with RP Motosport.
"I'm happy for RP that they found a driver with a budget and I hope that they can keep this up for the rest of the season," Cecotto, who was sixth in the points after three events, said.
"I wouldn't have raced with RP at this race anyway, because my job with them was finished and what I had to do had been done.
"I would have obviously loved to continue in the V8 because it's a great championship and organised really well, but in the situation I am in we don't have the cards to do this.
"We are working on new projects. Formula cars are still my great love and thanks to my experience and hard work I believe I can help teams to achieve great results.
"We are very close to sealing a deal where we have new financial backing and with another victory somewhere this could be signed immediately."