(CNN) -- Young German driver Nico Hulkenberg is looking for a new Formula One team after failing to agree a contract extension with Williams, the motorsport's official website reported on Monday.
While the British-based team has retained veteran Brazilian Rubens Barrichello for 2011, the 23-year-old Hulkenberg will seek a new race seat following an impressive rookie season.
"I heavily regret that, because I would have been happy to stay with Williams," said Hulkenberg, who secured the team's first pole position since 2005 in Brazil this month.
"I want to thank the team for a great time and I wish Williams all the best for the future."
His agent Willi Weber, who also represents seven-time world champion Michael Schumacher, said the 2009 GP2 Series winner would remain in motorsport's elite class next year.
"Nico will have his seat in F1 in 2011," Weber told the official website.
Williams finished the season in sixth place overall, repeating last year's effort, despite not scoring any points at the final race in Abu Dhabi on Sunday.
The 38-year-old Barrichello was 12th to finish 10th in the drivers' standings on 47 points in his first season at Williams, while Hulkenberg -- Williams' test driver for two years before making his F1 debut this year -- was 16th to be 14th overall on 22 points.
"'First, I would like to thank Nico for his hard work this year, and before that in preparing himself for Formula One," team boss Frank Williams told his outfit's official website.
"We are very proud to have supported him as he secured the Formula 3 and GP2 titles and during his debut in Formula One. At Williams we have for many years tried to bring new talent into the sport, and we are convinced that Nico will go on to great things. We wish him well and hope that our paths will cross again in the future.
"We recruited Rubens to Williams knowing that he would bring technical expertise, experience and passion. He has delivered everything we could have hoped for this season and we are delighted to confirm that he will drive for us again in 2011."
Williams said Barrichello's teammate for his 19th season driving in F1 will be announced before the end of this year.