Ralf Schumacher set to leave Toyota at the end of this Season ...

Ralf Schumacher has announced that he will leave Toyota at the end of the season after three years with the Japanese team.

The 32-year-old German’s future in Formula 1 has been up in the air for some time, and Toyota said recently that it would not make a decision on its second driver for 2008 alongside Jarno Trulli until the end of the season.

But Schumacher says he has now decided to leave the team following the season finale in Brazil in pursuit of a new challenge.

"Having been a Toyota driver in the past three years, I opted for looking for a new challenge," he said in a statement on his personal website.

His plans for next season remain unclear, although he says he will be having talks with prospective employers in the coming weeks before making an official announcement after the season has finished.

He adds that the motives for his next move will not be dominated by money and his priority is to have the chance to race competitively again.

"I'm going to have several conversations in the coming weeks,” he said.

“I will announce my decision when the season is over.

“For me, the financial aspect is far less important than the chance of being involved in the development of a car and being successful afterwards."

Schumacher joined Toyota in 2005 following a record six-season stint at Williams where he won six grands prix.

However in three years with the team he has scored just three podium positions as it has struggled to break out of Formula 1’s midfield.

He admits he had hoped for better from his time at Toyota, but says it has not done enough to build a race-winning car.

"I joined Toyota with high expectations,” he said.

“On the one hand, I regarded it as a major and exciting challenge to be involved in the development of a new racing car.

“On the other hand, I also learned to like the Japanese style of living, during my long stay in Japan before entering Formula 1.

“And I still get on well with the Japanese mentality.

“But I am waiting for years for a competitive car."

"Toyota also was a nice and interesting experience - particularly the cooperation with the team, engineers and mechanics,” he added.

“Still, it’s time now to look for a new challenge."

Toyota has yet to make an official response to Schumacher’s announcement, although a statement from the team is expected imminently.