Colombian Oscar Tunjo has parted ways with the Pons Racing team ahead of the start of the 2015 Formula Renault 3.5 series.
Tunjo, 19, had joined the Spanish team for the 2014 season and had a deal to continue there for the upcoming campaign.
However, Pons announced on Monday that, due to "budget concerns", the team and Tunjo would go separate ways.
"Pons Racing and have mutually decided to end their collaboration," said the team in a statement.
"The Colombian racer, who was scheduled to enter the 2015 World Series Renault 3.5 season with the Spanish operation, was forced to reconsider his plans due to budget concerns."
Pons has now its two seats available ahead of the first race of the season in April.