Sebastian Vettel denied money was behind his decision to leave Ferrari, insisting there was simply no "common desire to stay together" beyond 2020.
Four-time Formula One champion Vettel will leave Ferrari when his contract expires at the end of the campaign, which is not expected to start until July due to delays brought about by the coronavirus pandemic.
It was previously reported the Scuderia had offered the 32-year-old a shorter contract and lower salary than he was expecting.
Vettel plans to take his time before deciding his next move amid links to Renault and McLaren, while Mercedes team principal Toto Wolff last year said "everything is possible" when asked about the German joining the Silver Arrows.
"My relationship with Scuderia Ferrari will finish at the end of 2020," Vettel said in a statement.
"In order to get the best possible results in this sport, it's vital for all parties to work in perfect harmony. 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 never will be.
Scuderia Ferrari Mission Winnow and Sebastian Vettel decide not to extend their contracthttps://t.co/LMvLsJZiP8— Scuderia Ferrari (@ScuderiaFerrari) May 12, 2020
"What's been happening in these past few months has led many of us to reflect on what are our real priorities in life. 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.
"Scuderia Ferrari occupies a special place in Formula One and I hope it gets all the success it deserves.
"Finally, I want to thank the whole Ferrari family and above all its 'tifosi' all around the world, for the support they have given me over the years.
"My immediate goal is to finish my long stint with Ferrari, in the hope of sharing some more beautiful moments together, to add to all those we have enjoyed so far."
Vettel has won 14 races and been on the podium 54 times in his five seasons with Ferrari.
Daniel Ricciardo and Carlos Sainz Jr are reportedly the leading candidates to replace him.Published 12 May 2020, 13:14 IST