|Charles Pic – his check just wasn't big enough this year|
French driver Charles Pic has parted company with Caterham.
Team Principal Cyril Abiteboul confirmed the news on French television on Monday.
"Unfortunately Charles won't be with us next season. It's a pity that the adventure between Caterham and Charles is ending. On a personal level I want to thank Charles for the work he achieved last year," Abiteboul told Infosport+.
Pic, 23, began his Formula 1 career with Marussia in 2012 before joining Caterham the following year.
Abiteboul said that Pic, who has not scored a point in two seasons, "has some talent which can develop in a more important, mature team."
In two seasons, Pic competed in 38 Grands Prix, with his best finish a 12th in Brazil in 2012 with Marussia.
Japan's Kamui Kobayashi, formerly of Sauber, who did not have a drive last season, is favorite to replace Pic.
Caterham are the only F1 team still to confirm their line-up for the new season, but an official announcement is expected on Tuesday morning.
How the 2014 grid is lining up
Red Bull: Sebastian Vettel and Daniel Ricciardo.
Ferrari: Fernando Alonso and Kimi Raikkonen.
Mercedes: Lewis Hamilton and Nico Rosberg.
Lotus: Romain Grosjean and Pastor Maldonado.
McLaren: Jenson Button and Kevin Magnussen.
Force India: Nico Hulkenberg and Sergio Perez.
Sauber: Adrian Sutil and Esteban Gutierrez.
Toro Rosso: Jean-Eric Vergne and Daniil Kvyat.
Williams: Felipe Massa and Valtteri Bottas.
Marussia: Jules Bianchi and Max Chilton.
Caterham: To be confirmed. Sky Sports