Four-time world champion Sebastian Vettel announced Thursday that he will retire at the end of the 2022 season, as the German was hailed as "one of the all-time greats" of Formula One.

In an Aston Martin team statement, Vettel, 35, said that "the decision to retire has been a difficult one for me to take, and I have spent a lot of time thinking about it."

"At the end of the year I want to take some more time to reflect on what I will focus on next; it is very clear to me that, being a father, I want to spend more time with my family. But today is not about saying goodbye," he mentioned.

"Rather, it is about saying thank you - to everyone - not least to the fans, without whose passionate support Formula One could not exist," the German expressed.

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Vettel won four successive championships with Red Bull from 2010 to 2013 but struggled to reproduce his best results after moving to Ferrari before joining Aston Martin last year.

His 53 Grand Prix victories place him third on the all-time list behind Lewis Hamilton (103) and Michael Schumacher (91). Vettel last won a race in Singapore in 2019.

Only Schumacher, Hamilton (both seven), and Juan Manuel Fangio (five) have won more world titles than Vettel.

On his part, Aston Martin executive chairman, Lawrence Stroll, said that "he is one of the all-time greats of Formula One, and it has been a privilege to have been able to work with him."

"He will continue to race for us up to and including the 2022 Abu Dhabi Grand Prix, which will be his 300th Grand Prix entry. We will give him a fabulous send-off," he added.

It is noteworthy that Vettel made his F1 debut with Sauber at the United States Grand Prix in 2007. He joined Toro Rosso that same year and raced the final seven races of the season.