Fredric Vasseur is set to be named Ferrari's new team principal to replace Mattia Binotto, who is leaving the team at the end of the year. Lewis Hamilton is familiar with the Italian marque's new boss after racing for his ART Grand Prix racing team in GP2 in 2006.

The Mercedes driver, who has seven Formula 1 world titles, won his first and only GP2 title under Vasseur in 2006. Hamilton moved to the McLaren F1 team following his success in his debut campaign in GP2 to partner Fernando Alonso with the Woking-based squad.

Vasseur has previously compared current Ferrari driver Charles Leclerc to Hamilton. The Frenchman feels the duo are the two most talented drivers he has managed, and are similar in the way that they are self-critical even after winning a race.

The current Alfa Romeo team principal will now have the chance to guide Leclerc to a potential maiden F1 world title in 2023. According to F1-Insider, Ferrari have ended their search for a Binotto's replacement, and will appoint Vasseur in the New Year when the Italian departs Maranello.

Ferrari CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello
Ferrari CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello Reuters

"A decision was made in Maranello. Accordingly, Frédéric Vasseur (54) is to become the new team boss at Ferrari. He succeeds Mattia Binotto, who is stepping down from his post at the end of the year," the report stated.

It will be a major promotion for Vasseur, who will go from running the lower midfield contenders, to running a team fighting for race wins every other weekend. The Frenchman is highly experienced having cut his cloth at various levels of single seater racing.

The 54-year-old also has a tremendous track record of managing top drivers having won titles in GP2 with Hamilton, Nico Rosberg and Nico Hulkenberg among others. Vasseur also gave Leclerc his F1 debut under Alfa Romeo's former guise Sauber F1.

Meanwhile, Binotto, who is leaving Ferrari after 28 years with the team, is expected to remain in the sport, but Mercedes has ruled out approaching the Italian. Toto Wolff was clear that the soon to be former Ferrari team principal has no place with the Brackley-based team.

"No, I think there was too much porcelain broken between us over the last two years that this would be possible," Wolff said. "With the other teams, I can't say. But certainly Mattia understands Formula 1 inside out and maybe he finds a role in another team."

Toto Wolff
Toto Wolff is hoping for a clean title fight next weekend ANDREJ ISAKOVIC/POOL via AFP