BEIJING, May 12 (Xinhua) -- Four-time F1 champion Sebastian Vettel and Ferrari will part ways at the end of the year, the team announced on Tuesday in a statement.

"My relationship with Scuderia Ferrari will finish at the end of 2020," said Vettel. "In order to get the best possible results in this sport, it's vital for all parties to work in perfect harmony."

"Scuderia Ferrari occupies a special place in Formula 1 and I hope it gets all the success it deserves," Vettel said. He thanked the whole Ferrari family and above all its "tifosi" all around the world, for the support they have given him over the years.

Vettel and Ferrari have been in talks for several months about an extension. However, they have been unable to agree to terms on a new deal, leading to the announcement.

"The team and I have realized that there is no longer a common desire to stay together beyond the end of this season. Financial matters have played no part in this joint decision. That's not the way I think when it comes to making certain choices and it never will be," added Vettel.