Sergio Perez has announced he will leave Racing Point at the end of 2020, amid rumours of Sebastian Vettel replacing him next year.

The Mexican found refuge at the team when it was Force India back in 2014, this after he replaced by Kevin Magnussen following a single year at McLaren.

In the seven seasons since, Perez has scored five podiums, helping the team finish fourth in the Constructors' standings in 2016 and 2017.

Perhaps more importantly though, he instigated the administration process in 2018 which saved the team and led to the takeover by Lawrence Stroll.

Last year, Perez signed his longest contract in Formula 1 as he committed to Racing Point until the end of 2022, but less just over a year later, he is on his way out.

“Everything in life always has a beginning and an end, and after seven years together, my time with the team will come to an end after this season," he said in a statement on Wednesday.

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“It hurts a bit as I bet on the team during very rough times; we managed to overcome obstacles and I am very proud of saving the jobs of several of my teammates.

“I’ll keep the memories of the great moments lived together, the friendships and the satisfaction of always giving my all.

“I will always be grateful for the opportunity given to me by Vijay Mallya, who believed in me in 2014 and allowed me to continue my F1 career with Force India.

“To the current administration, led by Lawrence Stroll, I wish nothing but the best in the future, especially with the upcoming Aston Martin project."

In recent weeks, since returning after missing both Silverstone races due to Covid-19, Perez had been sounding increasingly confident of keeping his seat despite the Vettel rumours.

Now though his departure is official, the 30-year-old admits he isn't sure what comes next.

“I don’t have a plan B. My intention is to continue racing here [in F1], but that would depend on finding a project that motivates me to continue giving my 100 percent in each lap," he said.

“I want to thank each one of you who have been with me throughout these 10 years. To my family, who has always been there to support me despite anything.

“To all the sponsors who believed in my project, to my staff, and mainly God, who blessed me with the opportunity to live this incredible adventure called F1.

“I hope I can give you some good news real soon, but for now, let’s enjoy together the next races. I carry you in my heart!”