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Kimi Raikkonen admitted he is “very sad” to be leaving Ferrari at the end of the season after the team agreed with the Finn to terminate his contract by mutual consent.

After months of speculation over whether or not Fernando Alonso would be joining theItalian squad in 2010, Ferrari finally confirmed on Wednesday that the Renault star would partner Felipe Massa in its line-up next season with Raikkonen making way.

Raikkonen – who joined Ferrari from McLaren in 2007 as its hand-picked replacement for the retired Michael Schumacher – had a year remaining on his deal with the team after signing a year extension last September, but in order to accommodate Alonso it is believed to have agreed a financial settlement with the Finn which sees him leave 12 months early.

While expressing sadness that his stay at Maranello is coming to an end, the 29-year-old says he leaves with many happy memories especially having won his one world title with the team during his debut season in 2007.

“With common consent, we have agreed to terminate the contract binding me to Ferrari to the end of 2010, one year ahead of schedule,” said Raikkonen. “I am very sad to be leaving a team with which I have spent three fantastic years, during which time I won plenty of races. Together, we have won 50% of the world titles in that period and I managed to take the drivers’ title in 2007, thus achieving the target I had set myself at the start of my career. I have always felt at home with everyone here and I will have many happy memories of my time with the team.”

Raikkonen’s Ferrari exit looks increasing likely to pave the way for a surprise return to McLaren alongside Lewis Hamilton. But although the confirmation of its former driver’s Ferrari departure is set to increase the speculation about its own second driver choice for 2010, McLaren insisted on Wednesday that it has yet to decide on Hamilton’s team-mate.

A McLaren spokesman said: "As is already in the public domain, Lewis Hamilton is contracted until the end of the 2012 season.

“As regards the identity of our other driver for 2010 and beyond, we have not yet made a decision."

Raikkonen became just Ferrari's second world champion driver since Jody Scheckter in 1979 after beating McLaren's Hamilton and Alonso to the title by one point following a stunning fightback in the second half of his first season at the team.

However, amid a disappointing title defence in 2008, the Finn was eventually cast into a support role for less-heralded team-mate Massa as the Brazilian took the championship down to the final round in Brazil.

Raikkonen has re-emerged as one of F1's form men in recent months after scoring four straight podium finishes and Ferrari's sole win of the season at Spa amid an otherwise lacklustre season for the team, but it appears the upturn has come too late to convince his bosses to retain his services.

The Finn has won nine of the 49 races he has contested for the Scuderia to date – putting him joint fifth on its all-time list – while also claiming five poles and an impressive 16 fastest laps.