“I am so grateful for my time with Renault and the way I was accepted into the team,” Ricciardo tweeted following the announcement.

“But we aren’t done and I can’t wait to get back on the grid this year.

“My next chapter isn’t here yet, so let’s finish this one strong. Merci.”

Ricciardo, 30, had been flagged as potential replacement at Ferrari for four-time world champion Sebastian Vettel, who has chosen to leave the famed Italian team at the end of the season after contract negotiations stalled.

Instead, Vettel will be replaced by McLaren’s Carlos Sainz, 25, with Ferrari keen to employ a second driver to play a supporting role to Charles Leclerc, the 22-year-old who won two races last season and established himself as Ferrari’s best chance to unseat Mercedes and Lewis Hamilton at the top of the sport.

“Carlos has proved to be very talented and has shown that he has the technical ability and the right attributes to make him an ideal fit with our family,” the Ferrari team principal, Mattia Binotto, said.

“We’ve embarked on a new cycle with the aim of getting back to the top in Formula One.

“It will be a long journey, not without its difficulties, especially given the current financial and regulatory situation.”

Leclerc signed a contract extension until the end of the 2024 campaign in the off-season.

The new pair will be Ferrari’s youngest driving duo in 50 years.

Sainz’s departure, after McLaren relinquished an option it had on his services for 2021, allowed Ricciardo to pair with young Briton Lando Norris, with both drivers set to receive equal equipment and opportunity as McLaren looks to rejoin the fight at the front of the field with Mercedes, Ferrari and Red Bull Racing.

The team principal, Andreas Seidl, believes that Ricciardo’s age and experience would sit well beside the 20-year-old Norris.

“Daniel is a proven race-winner and his experience, commitment and energy will be a valuable addition to McLaren and our mission to return to the front of the field,” he said.

Ricciardo had numerous discussions with McLaren about a move for the 2019 season before electing to sign with Renault for two years.

In 171 grand prix starts, Ricciardo has won seven races, all for Red Bull Racing between 2014-18, and has twice finished third in the world championship.

Fernando Alonso, who won world titles for Renault in 2005-06, has been flagged as a potential replacement for Ricciardo.

Alonso, 38, retired from F1 in 2018 after winning 32 races with Renault, McLaren and Ferrari.