Oscar Tunjo has pulled out of the upcoming Formula Renault 3.5 series after he and team Pons Racing mutually terminated their contract.

The Colombian driver had joined the Spanish outfit from the fourth round onwards of the 2014 FR 3.5 season and the deal had included a full 2015 race season. Despite his delayed entry into the series, Tunjo finished 22nd in the drivers' standings thanks to three points-scoring finishes.

However, the team has revealed Tunjo has terminated the contract stating: "Pons Racing an Oscar Tunjo have mutually decided to end their collaboration. The Colombian racer was force to reconsider his plans due to budget concerns."

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It is not yet clear what the 19-year-olds new plans entail but Pons Racing now has two open race slots for the 2015 season.

The new nine-round FR3.5 season begins in Aragon, Spain on the 25-26 April.