The Australian was quick to confirm that it was a mutual decision, but it is thought that McLaren initiated the termination of his contract a season early after being dissatisfied with his performances. Video / Daniel Ricciardo via Instagram
Daniel Ricciardo will leave McLaren at the end of the season after mutually agreeing to terminate his contract.
The eight-time grand prix winner, 33, could be set for a payout in the region of $24 million, taking into account his massive salary and performance bonuses.
The Australian made it clear it was ultimately the team's decision in a video posted to his social media accounts.
"Hey everyone, wanted to share some news. It's not great," Ricciardo began. "Bittersweet for sure but I think it's best you hear it from me. 2022 will be my last year with McLaren.
"Obviously we put in a lot of effort on both sides but it just hasn't worked the way we wanted so the team has decided to make a change for next year.
"I look back on this time with McLaren with a smile. I learnt a lot about myself, things that will help me for the next step in my career but in life in general.
"From a results point of view, sure, to consistently get the results and that form I was after … it wasn't always there. And that made some weekends tough. I felt those, absolutely.
"But I also have many happy memories of my time at the team. I think about Monza. I think about standing on the top step. I think about bringing the team their first win since 2012. That sort of stuff was awesome.
"The sport – I still love it. This hasn't affected any of that. I still have that fire in me, that belief in my belly that I can do this at the highest level. All that stuff is still there … this isn't it for me."
Daniel Ricciardo will leave McLaren at the end of the Formula One season. Photo / Getty
Aussie young gun Oscar Piastri, 21, is expected to join from the Alpine team, where he is currently a test driver, next season.
Drama unfolded a few weeks ago when Alpine released a statement saying Piastri would be racing for the team for 2023.
It later emerged that the team put out the statement without his permission, leading Piastri to bluntly state he would not be racing for the team next year.
Alpine are now short of a driver for next year, with F1 legend Fernando Alonso leaving the team to replace the retiring Sebastian Vettel at Aston Martin.
That could open a slot for Ricciardo, who is also reportedly being chased by the Haas F1 team.
Ricciardo led McLaren teammate Lando Norris to a one-two at the Italian Grand Prix at Monza last year.
But since then his performances have been in decline and team principal Andreas Seidl has decided to cut him loose.
Daniel Ricciardo during the F1 Grand Prix of Hungary at Hungaroring. Photo / Getty
"It's not a secret that if you look back at the last 18 months of our journey together, it's clear that we haven't achieved — despite highlights like the great win in Monza — the results that we wanted to achieve together," Seidl said.
"That's why we had a lot of discussions the last month — Zak (Brown) and myself, together with Daniel — but in the end we have to acknowledge we didn't make it work it work together, despite all the commitment from Daniel's side and the team's side, despite all the effort we all have put in.
"That's why we came to the decision that we wanted to make a change for next year and mutually agreed together with Daniel that we terminate the contract early at the end of this year.
"It's clearly not the outcome that we were all looking for, but at the same time it's important now to switch our focus towards the next nine races together and give it all again as a team. Daniel will do the same and try to finish our relationship on a high, which will be important because we are in a close battle with the Alpine cars, and we definitely want to get back into P4 in the constructors' championships."
Seidl admitted he needed to share the blame for the failed Ricciardo experiment.
"From the team side there was a huge commitment and a lot of effort went into making this work. The same thing happened from Daniel's side and I think it's also clear that regarding internal challenges we had, or the internal situation, that we don't give a live commentary of all the conversations that we are having," he said.
"The important thing for me — and that is always how we work with our colleagues or employees, but also with our race drivers — is that you have an open and honest and transparent dialogue internally between each other, which we always had.
"We tried everything we could from both sides; unfortunately, we couldn't make it work. Which is obviously also my responsibility, being in charge of the team.
"In the end it's a team effort between the team and the driver and that's how I also see it. It's a shared responsibility for also not getting it to work."
Ricciardo's time at McLaren followed a lacklustre two years at Renault (now the Alpine team) and a more successful spell at Red Bull, who he eventually left after becoming frustrated at playing second fiddle to Max Verstappen.
"It's been a privilege to be a part of the McLaren Racing family for the last two seasons but following several months of discussions with Zak and Andreas we have decided to terminate my contract with the team early and agree to mutually part ways at the end of this season," Ricciardo said in a statement ahead of this weekend's Belgian Grand Prix.
"I'll be announcing my own future plans in due course but regardless of what this next chapter brings, I have no regrets and am proud of the effort and work I gave McLaren, especially the win in Monza, last season.
"I've enjoyed working with everyone at McLaren and will be giving my all on and off track as we enjoy the remainder of the season together.
"I've never been more motivated to compete and be a part of a sport that I love so much and look forward to what comes next."
