Juan Pablo Montoya will not return to the No. 42 Sprint Cup car of Earnhardt Ganassi Racing in 2014.
"We made a decision and we're not going to renew the contract for next year," EGR minority owner Felix Sabates told ESPN.com.
Sabates said it is too early to speculate on who will replace Montoya other than to say the No. 42 will be on the track with primary sponsor Target.
"We like to keep all our options open," Sabates said. "At this point there are several drivers looking for an opportunity. We have a great ride, a great sponsor. We'll keep all of our options open and won't make a decision for a while."
Sources said that Montoya's team was told of the decision on Tuesday. Montoya is expected to drive the car for the rest of this season. The organization will begin a search for a replacement immediately, sources said.
Montoya was in the final year of his contract with EGR. He'd been with the organization since 2007.
Sources said the decision was difficult for team owner Chip Ganassi, who considers Montoya like a brother. Montoya won the 2000 Indianapolis 500 for Ganassi's IndyCar organization.
Montoya has two victories in 239 Sprint Cup starts, winning on the road course at Sonoma in 2007 and Watkins Glen in 2010.
Montoya is 22nd in points with three top-5 finishes, including a runner-up finish at Dover in June.
Before joining NASCAR, Montoya had seven wins in Formula One. He won a CART championship in 1999.