By alley - Sep 15, 2017, 7:32 AM ET

Sainz confirmed at Renault for 2018

Carlos Sainz has been confirmed as a Renault driver for 2018, replacing Jolyon Palmer.

Having been used as compensation for Renault allowing Toro Rosso to end its power unit deal early

in order to partner with Honda

, Sainz was originally lined up to replace Palmer as early as the Malaysia Grand Prix. However, difficulties ending Palmer's contract before the end of the season have seen Sainz confirmed for 2018 at this stage.

"I'm very happy to be joining Renault Sport Formula 1 team," Sainz said. "To be a Formula 1 driver for a manufacturer team is an honor and I hope to reward Renault's faith in me with my very best performances on track.

"The trajectory of Renault Sport Formula 1 is exciting and I'm proud to join at such an important time in their history. I am looking forward to working with everyone at Enstone and Viry, and driving alongside Nico Hülkenberg. I have worked closely with Renault in Formula 1 and previously in motorsport, so I know their motivation and capabilities. This is the start of a very exciting new chapter in my career.

"I would like to say thank you to Red Bull for all their confidence and support and for allowing me to take this opportunity. Last but not least, I specially want to thank all the people that work in Toro Rosso. They are a fantastic team of professionals and I wish them the best for the future."

RACER understands Renault is continuing in its attempts to bring Sainz on board in Malaysia.

"Carlos Sainz is a very promising driver who has been on our radar for some time, especially after his successes in Renault junior formulae," Abiteboul said. "It is positive news for us to be able to confirm Carlos for 2018. This choice is well aligned with our mid-term strategic plans. We feel that Nico and Carlos will complement each other on and off track and the combination should help us push forward on the grid.

"I would like to thank Helmut Marko for loaning Carlos to us for this period. We must thank Jolyon for his ongoing hard work with the team and his efforts over the past two seasons. He is a dedicated driver and we wish him the best in the next steps of his career."

Marko himself says the move is beneficial for Red Bull as it progresses Sainz into a bigger team while also being able to bring in a rookie, expected to be Pierre Gasly.

"We are happy to have reached an agreement for Carlos to drive for Renault Sport Formula 1 team in 2018," Marko said. "He is a tremendous talent and he will benefit from working with a manufacturer team alongside a highly experienced driver.

"This will give Carlos a different challenge and we will be keenly watching his progress there as he remains part of the Red Bull family. This is very good development for both Carlos and Renault Sport Formula 1 team and will also allow us to bring a new talent into Formula 1."