Jolyon Palmer will remain at the Renault Sport F1 team for 2017 having been retained with a one-year deal.

The British driver had been vying for the one remaining race seat at Renault with current team-mate Kevin Magnussen after the French manufacturer confirmed Nico Hulkenberg would join the team next year from Force India.

Palmer joined the Enstone-based team's ranks in 2015 as third driver under its Lotus F1 team guise, before graduating into a race seat this season with Renault Sport Formula One Team.

Despite a tricky rookie campaign with just one points finish to his name in 2016, Palmer has impressed Renault and its Racing Chairman Jerome Stoll enough to land a second year with the team for 2017.

Magnussen is expected to sign a multi-year deal with US squad Haas leaving Renault after just one season.

Palmer has expressed his delight at securing his F1 future with Renault and is relishing the opportunity to progress next year in the team's new car with a year's worth of F1 racing experience under his belt.

"I'm over the moon to be racing with Renault Sport Formula One Team for a second season and I can't wait to reward the team's faith in me on track," Palmer said. "Having worked out of Enstone since 2015 I can fully appreciate the development of the infrastructure this year. This means I share the excitement of the team looking to 2017 and our new car.

"For me, it's been a steep learning curve driving in Formula 1 and I know that I am performing better than ever, and that there's still more to come. There is tremendous drive and enthusiasm in Enstone and Viry looking to next year and I am honoured to be part of this."

READ: Magnussen tipped to join Haas next season

Stoll says the driver combination of Palmer alongside Hulkenberg 'offers a very promising driving force to meet our goals' for next year as it looks to climb the F1 pecking order.

Renault is currently ninth in the F1 constructors' championship with just eight points to its name in its comeback year as a fully-fledged squad.

"We are delighted to retain Jolyon as our driver for the 2017 season," Stoll said. "Jolyon has shown his hunger to develop with us as the team grows and we have been impressed with his increasingly strong performances on track as the season has progressed. We are confident that the combination of Jolyon and Nico H?lkenberg offers a very promising driving force to meet our goals.

"Jolyon understands the team's spirit and motivates everyone he works with. The line-up of Jolyon and Nico harnesses the benefits of continuity and fresh blood. I am sure that having Nico as a team-mate will help push Jolyon to greater achievements.

"We thank Kevin Magnussen for his efforts in 2016 as he has done a great job for us this year. We wish him all the best for 2017 and beyond."

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