Following intense media speculation, Red Bull has confirmed that Newey will step away from design work with the F1 team in the short term, although will continue with trackside support at specific races.

His attention this year will shift to the development and delivery of the RB17 hypercar, which will be unveiled at Goodwood in July, ahead of a full departure from the Red Bull system next year.

Newey, currently in the Chief Technical Officer role at RBR, has overseen seven F1 drivers’ titles and six constructors’ titles for the energy drinks giant, including 118 wins and 101 poles (including Sebastian Vettel’s pole and win at Monza in the Toro Rosso) since joining the squad in 2006.

“Ever since I was a young boy, I wanted to be a designer of fast cars,” Newey said.

“My dream was to be an engineer in Formula 1, and I’ve been lucky enough to make that dream a reality.

“For almost two decades it has been my great honour to have played a key role in Red Bull Racing’s progress from upstart newcomer to multiple title-winning team.

“However, I feel now is an opportune moment to hand that baton over to others and to seek new challenges for myself.

“In the interim, the final stages of development of RB17 are upon us, so for the remainder of my time with the team my focus will lie there.

“I would like to thank the many amazing people I have worked with at Red Bull in our journey over the last 18 years for their talent, dedication and hard work. It has been a real privilege, and I am confident that the engineering team are well prepared for the work going into the final evolution of the car under the four-year period of this regulation set.

“On a personal note, I would also like to thank the shareholders, the late Dietrich Mateschitz, Mark Mateschitz and Chalerm Yoovidhya for their unwavering support during my time at Red Bull, and [team boss] Christian [Horner], who has not only been my business partner but also a friend of our respective families.

“Also, thanks to Oliver Mintzlaff for his stewardship and Eddie Jordan, my close friend and manager.”

Newey’s future in F1 is unclear, although he has been heavily linked to a move to Ferrari, while there has also been interest from Aston Martin.