The Canadian has spent three seasons with Williams but has only scored seven World Championship points and is currently bottom of the Driver Standings with zero points this season.
The 27-year-old was beaten by reserve driver Nyck de Vries at the Italian Grand Prix two weeks ago, with the Dutchman finishing in the points on debut and following that race Williams have decided not to extend Latifi’s current contract. De Vries is a strong contender to take Latifi’s seat.
Latifi will perhaps be best remembered for his crash in the final stages of last year’s Abu Dhabi Grand Prix, prompting a safety car and the controversial finale which saw Max Verstappen clinch his first world title after a last-lap overtake on Lewis Hamilton.
He said in a statement: “I would like to take this opportunity to thank everyone at Williams Racing - all the people back at the factory and those I work with trackside - for the last three years.
“My initial F1 debut was postponed due to the pandemic but we eventually got going in Austria and, although we have not achieved the results together we hoped we would, it’s still been a fantastic journey.
“Getting those first points in Hungary last year was a moment I’ll never forget, and I will move onto the next chapter of my career with special memories of my time with this dedicated team. I know none of us will stop putting in every effort until the end of the season.”
Alex Albon, who joined Williams at the start of this year after George Russell moved to Mercedes, has signed a “multi-year deal for 2023 and beyond”, with the team saying they will announce his team-mate for 2023 in due course.
Jost Capito, Williams CEO and Team Principal, added: “On behalf of the whole team, I would like to say an enormous thank you to Nicholas for his three years of hard work with Williams. He is a great team player who has a great attitude towards his colleagues and work and is well liked and respected throughout the business.
“Our time together is now coming to an end, but I know he will put full effort in to maximise what we can do together for the remainder of this season. We wish him all the very best of luck for his future, both in and out of the cockpit.”
So, I’m parting ways with @WilliamsRacing at the end of the year.
Honoured to have represented them for the last 3 years. A massive thanks to the whole team – it’s been an incredible journey and I’ve enjoyed every second of it.
Determined to end 2022 positively. 6 races left! pic.twitter.com/gN5xWsUUH2
— Nicholas Latifi (@NicholasLatifi) September 23, 2022