"MoneyGram Haas F1 Team can confirm Kevin Magnussen will depart his race seat upon the conclusion of his current contract at the end of the 2024 FIA Formula 1 World Championship," the North Carolina-based constructor wrote on X.
Magnussen will leave the team he has represented in 135 Grand Prix across seven seasons -- split between 2017-2020 and 2020-2024 -- at the end of the F1 campaign, which culminates with the Abu Dhabi Grand Prix in early December.
"I'd like to extend my thanks to everyone at MoneyGram Haas F1 Team -– I'm proud to have raced for such a great team of people these last few years," said Magnussen.
"In particular I'd like to thank Gene Haas (the team founder) for his commitment to me, notably in bringing me back once again in 2022 when I thought, at that time at least, my time in Formula 1 had ended. I've enjoyed some great moments with this team – memories I'll never forget," added the 31-year-old.
Magnussen's best results for Haas came in two fifth-place finishes in Bahrain and Austria in the 2018 season, when he also came ninth in the overall driver standings.
The Dane's departure follows on from that of German team-mate Nico Hulkenberg, meaning Haas will feature a completely new line-up next year.
The American team announced the arrival of 19-year-old Briton Oliver Bearman at the start of July, and French Alpine driver Esteban Ocon is the favourite to take Haas' second seat.
