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The Spaniard will leave Ferrari at the end of the season following its signing of Lewis Hamilton on a multi-year deal starting in 2025.
Sainz was one of the plethora of drivers out of contract for next season, with only McLaren and (now) Ferrari having confirmed their line ups.
Elsewhere, Max Verstappen has a long-term deal in place at Red Bull Racing while George Russell has another year on his Mercedes deal.
Alex Albon is understood to be locked away at Williams for another season too.
Outside of those drives, the market is open, leaving opportunities at Red Bull Racing, Mercedes, Aston Martin, Alpine, RB, Sauber, Williams, and Haas.
“My next team, I don’t know yet, and I have a bit of time now to decide where that will happen,” said Sainz.
“There’s plenty of options out there and it’s time to take an important decision in the next few months.”
The 29-year-old had been keen to lock a new contract away ahead of the season beginning at the end of the month.
However, that was before it became clear that his future was not with Ferrari and is aware of the potentially career-defining impact his next decision will have.
“The scenario has changed quite a bit, as you can imagine,” he confessed.
“It is going to be probably a longer process ahead of me.
“Probably my most important three or four years of my career where I want to make sure I’m in the right place at the right time.
“I want to make sure I pick the right next destination for me so I want to take my time to think about it, to listen to all the options, have a look at all the options.”
Though set to leave the team at the end of the year, Sainz suggested his time in Maranello will serve as a benefit as he heads into the market.
“I feel very privileged to be part of Ferrari and still having a year ahead, that will be a total of four years as a Scuderia Ferrari driver,” he said.
“Once you’re a Ferrari driver you can go to every team from now on having been at Ferrari and having been a Ferrari driver – I think it does good for any driver on the grid.
“On top of that, if you add the fact that I’ve won races for Ferrari, I’ve made pole positions, I’ve got podiums, I think I have helped this team to move forward up the grid and to be a better team, then my overall feeling of these four years is definitely positive.
“I cannot wait to see what the future holds for me as I’m sure there’s going to be good things coming.”
