(CNN) -- Timo Glock faces an uncertain future in Formula One after parting company with Marussia ahead of the new season.
The 30-year-old German, who was expected to partner rookie Max Chilton for the 2013 campaign, had been with the team since it began as Virgin back in 2010.
Glock made his debut for Jordan in 2004 before going on to spend two years at Toyota.
But Marussia are in need of a driver who can attract sponsorship to the team, a key factor in the decision to cut ties.
"I have had three excellent years with the Marussia F1 Team, during which I had the chance to actively participate in building and developing the team in its endeavours to succeed within the Formula 1 World Championship," Glock said in a statement.
"I would like to wish the team good luck in navigating this next period and thank everyone for the great times we shared and the support I have received.
"Although it is not the path I expected to be taking, I am in fact very excited about what the future holds in terms of my own career and I hope to comment on that very soon."
Team principal John Booth revealed that there were financial factors which led to Glock's departure following the team's failure to hang on to 10th place in the constructors' championship.
"Timo is a fantastic driver and he has been a very popular member of the team," he told reporters.
"Our team was founded on the principle of benefiting from proven experience whilst also providing opportunities for young emerging talent to progress to the pinnacle of motorsport.
"Thus far, this philosophy has also been reflected in our commercial model. The ongoing challenges facing the industry mean that we have had to take steps to secure our long-term future.
"Tough economic conditions prevail and the commercial landscape is difficult for everyone, Formula One teams included.
"We would like to thank Timo for working with us to reach this decision, especially as he had a valid contract, and also for the contribution he has made to our team."
While Glock could yet turn up at Caterham or Force India, Marussia is yet to announce a replacement for the German.
Vitaly Petrov and Sebastien Buemi have both been touted, but the team is not expected to rush into an appointment.