Haas have opted to part company with Mick Schumacher following a disappointing Formula One campaign, replacing him with fellow German Nico Hulkenberg.
The future of Schumacher – son of seven-time world champion Michael – had been in doubt, with his contract set to expire following this weekend's season-ending Abu Dhabi Grand Prix.
Schumacher secured his best race finish of sixth at July's Austrian Grand Prix, but sits 16th in the driver standings with just 12 points to his name.
Haas are eighth in the constructor standings following a troubled season, which began with the team terminating the contract of Nikita Mazepin in the aftermath of Russia's invasion of Ukraine.
In a statement posted on Twitter, Schumacher said: "This is going to be my last race with Haas F1 Team. I don't want to hide the fact that I am very disappointed about the decision not to renew our contract.
"Nevertheless, I would like to thank both Haas F1 and Ferrari for giving me this opportunity. These years together have helped me to mature both technically and personally, and especially when things got difficult, I realised how much I love this sport.
"The subject is anything but closed for me. Setbacks only make you stronger. My fire burns for F1 and I will fight hard to return to the starting grid."
Schumacher's replacement Hulkenberg has made 181 starts in F! and gets another chance after spending two seasons as Aston Martin's reserve driver.
Hulkenberg stood in for Sebastien Vettel in Bahrain and Saudi Arabia this season, and has also raced for Williams, Force India, Sauber and Renault during his 12-year F1 career.
"I'm very happy to move into a full-time race seat with Haas F1 Team in 2023. I feel like I never really left Formula One," the German said.
"We have work ahead of us to be able to compete with all the other teams in the midfield, and I cannot wait to join that battle again."