The four-time world champion is leaving at the end of the year by mutual consent. But it remains uncertain if the season will start amid the coronavirus pandemic, with the first 10 races already postponed or canceled.
The 32-year-old German driver joined Ferrari in 2015 to replace Fernando Alonso, but was unable to add to his world titles at Red Bull from 2010-13.
Observers expected him to break Michael Schumacher's record of seven F1 titles. Now that is within reach of world champion Lewis Hamilton, who has six.
Hamilton's rise with Mercedes has been mirrored by Vettel's gradual slide at Ferrari.
Of Vettel's 53 career wins, 14 came with Ferrari, including only one last year.
Vettel's existing contract earns him $40 million per year, but he said finances played no part in the mutual decision.
McLaren driver Carlos Sainz Jr. and Renault driver Daniel Ricciardo are two of the names widely touted as possible replacements.
with files from AP sports