Contract negotiations between Ferrari and Sebastian Vettel broke down, and the four-time Formula 1 champion is set to leave the team at the end of 2020, according to reports. 

TheBBC and Autosport reported the 32-year-old German rejected the team's contract offer late on Monday night. Vettel is currently in the final year of his three-year deal. 

Reports suggest that Ferrari could announce the news of parting ways with Vettel, who joined in 2015, on Tuesday.

In April La Gazzetta dello Sport reported that Ferrari offered the quadruple world champion a one-year deal with a monetary offer that would slash his annual pay by over a half.

Vettel's exit from the sport's most successful team opens up speculation of who will partner Charles Leclerc in 2021.

McLaren's Carlos Sainz and Renault's Daniel Ricciardo are linked to Vettel's seat at Ferrari, the duo is both out of contract at the end of 2020, according to the Guardian. 

The continued speculation around six-time Lewis Hamilton's move to Ferrari seems unlikely after the Briton said he intends to see out his career at Mercedes.