Charles Pic parts company with Caterham

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