Four-time Formula 1 world champion Sebastian Vettel will reportedly leave Ferrari by the end of the year after contracts talk between them broke down. Also Read - Lewis Hamilton Slams 'White Dominated' Formula One For Staying Silent Over George Floyd's Death

“My relationship with Scuderia Ferrari will finish at the end of 2020,” Vettel said on Tuesday. ” In order to get the best possible results in this sport, it’s vital for all parties to work in perfect harmony.” Also Read - Formula One: Daniel Ricciardo to Join McLaren in 2021 as Carlos Sainz Replacement

“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. Also Read - Revenge Served Cold: Employee Takes Sacking Frustation to Next Level, Rams Volvo Truck Into Boss's Ferrari When Fired From Job

“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 1 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 joined Ferrari in 2015 from Red Bull where he won all his world titles and his contract is to expire at the end of 2020. He was reportedly offered an year’s extension with reduced pay cut which the German rejected.

The 32-year-old failed to replicate his success with Red Bull at Ferrari although he twice finished runner-up in 2017 ans 2018.

His Ferrari teammate Charles Leclerc becoming the designated No. 1 last season and was given contract till 2024. it’s another. According to reports, Mclaren’s Carlos Sainz could is a being lined-up as Vettel’s replacement whose contract also expires at the end of the season.

A return to Red Bull Racing has already been ruled out as with Max Verstappen still contracted till 2024.

Vettel has been planning for his future beyond F1.

In an interview ahead of the cancelled Australian Grand Prix this year, he hinted at competing in other motorsports events. “If I’m realistic, I’m not going to be here (in Formula 1) in 10 years,” he told Motosports . “So I think this is something you naturally start to think about.”

“I think I’m in a very fortunate position that I can probably try and do a lot of things, once I have decided to stop racing in F1. Maybe race something else, maybe do something different in motorsport or do something completely different outside. I have some ideas, but I haven’t decided. I’m quite relaxed,”  he added.