SAO PAULO • Britain's Jolyon Palmer secured his place in Formula One on Wednesday with another year at Renault while Danish team-mate Kevin Magnussen was set to join the US-owned Haas team on a multi-year deal.
Renault completed their line-up for next year, and another part of the driver market puzzle, by announcing ahead of the Brazilian Grand Prix that Palmer, 25, would be staying put.
The British-based team have already signed experienced German Nico Hulkenberg from Force India and the second seat had looked like a toss-up between Palmer or Magnussen.
Magnussen pre-empted that by turning down a one-year offer in favour of a longer-term opportunity at Ferrari-powered newcomers Haas. The 24-year-old will take Mexican Esteban Gutierrez's seat, a source close to that deal told Reuters.
Renault said the combination of Palmer and Hulkenberg offered "a very promising driving force to meet our goals".
"Jolyon understands the team's spirit and motivates everyone he works with," said Renault Sport president Jerome Stoll. "The line-up of Jolyon and Nico harnesses the benefits of continuity and fresh blood. I am sure that having Nico as a team-mate will help push Jolyon to greater achievements."
Palmer, a former GP2 champion, said he was "over the moon" and eager to reward the team's faith in him.
"For me, it's been a steep learning curve driving in Formula One and I know that I am performing better than ever, and that there's still more to come," said the rookie.