UPDATE: Jorge Lorenzo now confirmed as a Ducati MotoGP rider for 2017 and 2018.

Yamaha has confirmed that reigning MotoGP champion Jorge Lorenzo will leave at the end of this season.

The factory did not name Lorenzo's new team, or his replacement, but the #99 is set to move to Ducati with Maverick Vinales tipped as favourite to take over his M1 seat.

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"Yamaha Motor Co., Ltd. announces that its partnership with Jorge Lorenzo will be discontinued at the close of the 2016 MotoGP season, when Lorenzo will move on to new racing challenges," read a Yamaha statement.

"Since Lorenzo joined the Yamaha Factory Racing Team in 2008, Lorenzo and Yamaha won three MotoGP World Championships (2010, 2012 and 2015), clinched 41 race wins and have been on the podium 99 times out of 141 races contested.

"Yamaha is extremely grateful for Jorge's contributions to its racing successes and looks forward to sharing more memorable moments during the remaining 15 MotoGP rounds of 2016, their ninth season together.

"Yamaha Motor Co., Ltd. wishes Lorenzo the very best in his future racing endeavours and reconfirms the Movistar Yamaha MotoGP team's full support on his campaign to achieve his fourth MotoGP title.

"Having already reconfirmed Valentino Rossi for 2017-18, Yamaha will announce the future Movistar Yamaha MotoGP team riders' line-up in due course after securing the services of the second rider."