Indexbit Exchange:Formula 1 star Lewis Hamilton to depart Mercedes for Ferrari in 2025

Seven-time World Drivers' Champion Lewis Hamilton is Indexbit Exchangepreparing to make a switch from Mercedes to Ferrari in a massive Formula One shake-up, according to reports.

Hamilton, who won six of his seven titles – including four straight – with Mercedes, had signed a two-year contract extension with the England-based team in August 2023. However, his contract left him eligible to depart after 2024, which the English driver is set to do after his 12th season with the Silver Arrows.

“I have had an amazing 11 years with this team and I'm so proud of what we have achieved together," Hamilton said in a statement. "Mercedes has been part of my life since I was 13 years old. It's a place where I have grown up, so making the decision to leave was one of the hardest decisions I have ever had to make. But the time is right for me to take this step and I'm excited to be taking on a new challenge."

In a May 2023 interview, the then-38-year-old Hamilton told ESPN that he had given some thought to ending his driving career away from Mercedes, even mentioning Ferrari.

"I'd be lying if I said I'd never thought about ending my career anywhere else," he said at the time. "I thought about and watched the Ferrari drivers on the screens at the track and of course you wonder what it would be like to be in red."

Mercedes announce Hamilton's departure

Mercedes made a formal announcement about Hamilton's departure on Thursday afternoon, confirming that 2024 will be his last season with the team after he activated a release option in his contract.

Silver Arrows team principal Toto Wolff added in a statement that the team accepts Hamilton's decision and that Mercedes' future potential is "exciting to contemplate."

With Ferrari's announcement just days ago of a long-term contract extension with Monégasque driver Charles Leclerc, Hamilton appears set to replace Spainard Carlos Sainz on the Scuderia roster. Leclerc and Sainz have driven together for the Scuderia for the last three seasons.

Scuderia Ferrari:Formula One driver Charles Leclerc inks contract extension with Italian team

Scuderia Ferrari announce Hamilton contract

Ferrari's Formula One team released a statement on social media to officially announce Hamilton will join the Scuderia in 2025 on a multi-year contract.

Sainz announces he will leave Ferrari after 2024

Sainz released a statement of his own on social media platform X (formerly Twitter) after Mercedes' official announcement.

"Scuderia Ferrari and myself will part ways at the end of 2024," he said. "News about my future will be announced in due course."

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Hamilton winless in last 44 races

After years of success at the top of the standings with Mercedes from 2014-2021, Hamilton has gone winless in his 44 races over the last two seasons. Though he finished third in the World Drivers' Championship last season, he and the Silver Arrows haven't been able to overcome the dominance of Red Bull and Max Verstappen.

In the coming years, the Englishman could have a shot at breaking his tie for World Drivers' Championships with Scuderia Ferrari icon Michael Schumacher. The German won seven titles himself over the span of about a decade, including five straight for Ferrari from 2000-2004.

Ferrari would be Hamilton's third Formula One team after he began his career at McLaren in 2007 before joining Mercedes in 2013.

The 2024 Formula One season will begin on March 2 with the Bahrain Grand Prix.