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Pastor Maldonado has confirmed his departure from the soon-to-be-rebranded Lotus team ahead of the 2016 season, amid reports Kevin Magnussen is set to be named as his replacement.
Prior to Renault completing a takeover of the Lotus team, Maldonado agreed fresh terms in September - despite failing to impress last season.
However, his future has been the subject of increasing speculation in recent weeks and Magnussen now appears set to be announced as the partner for rookie Jolyon Palmer when the new Renault identity is revealed on Wednesday.
In a statement via his official Twitter account on Monday, Maldonado said: "Today I most humbly inform you that I won't be on the grid at the start of the 2016 season.
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"Thanks for all your messages of support, passion and concern for my future.
"I'm very thankful to God, my family, my sponsors, my friends, my fans and everybody who has helped me materialise this dream of having represented Venezuela in the pinnacle of motorsport."
Maldonado, who reportedly brought in substantial financial backing from PDVSA - the state oil company in his homeland - developed an unwanted reputation for being prone to collisions during a three-season stint with Williams that preceded a move to Lotus for 2014.
Magnussen raced for McLaren in 2014 and served as their reserve driver last season before being released.