Jolyon Palmer will continue to drive for Renault for the 2017 season.

The 25-year-old will partner the recently-recruited Nico Hulkenberg at the French team as they build up to competitiveness following their return to F1 as a factory entry this year.

Palmer said he was “over the moon” to be staying with Renault.

The British driver joined the team’s predecessor, Lotus, as third driver in 2015 before graduating to race driver with Renault for the 2016 season.

It was also revealed that Kevin Magnussen is to move to the US-based Haas team for 2017.

Renault returned to Formula 1 as a constructor this season after taking over the Lotus team.

Palmer, who has started 18 Grands Prix to date, scoring his first World Championship point at this year’s race in Malaysia, added: “I can’t wait to reward the team’s faith in me on track.

Jerome Stoll, Renault Sport racing chairman, said: “We are delighted to retain Jolyon as our driver for the 2017 season.