Former champ Alonso quits McLaren

LONDON, England (CNN) -- Spain's Fernando Alonso has torn up his contract at McLaren and quit the Formula One team after a stormy year which has seen him deposed as world champion.

Alonso, who finished third in the 2007 standings behind teammate Lewis Hamilton and new champion Kimi Raikkonen, is now free to join another team

A source with knowledge of the Alonso-McLaren talks told CNN that it is not yet known where Alonso will go next.

The 26-year-old has been linked with a return to his former team Renault or may sit out 2008 awaiting a possible spot at Italian giants Ferrari.

Alonso, who had two years left on his contract with British-based McLaren, courted controversy for his strained relationship with Hamilton and team boss Ron Dennis and his departure appeared almost inevitable.

"Since I was a boy I had always wanted to drive for McLaren, but sometimes in life things do not work out," said Alonso in a statement released by the team.

"I continue to believe that McLaren is a great team. Yes, we have had our ups and downs during the season, which has made it extra-challenging for all of us, and it is not a secret that I never really felt at home.

"I know there have been suggestions of favoritism within the team and people say a lot of things in the heat of battle, but in the end I was always provided with an equal opportunity to win."

Dennis added: "Everybody at Vodafone McLaren Mercedes, especially McLaren's Spanish partners Banco Santander and Mutua Madrilena and the team's title partner Vodafone, want to wish Fernando all the best for the future."

Alonso has been in intense negotiations over his early exit with McLaren, who said on their Web site that he had left "in the best interests of both parties."

The 2007 season had started promisingly for McLaren, but rookie Hamilton's early successes appeared to unsettle Alonso as the title race boiled down to a four-way race between the McLaren drivers and Ferrari's Raikkonen and Felipe Massa.

The first clear sign of friction occurred at the Hungarian Grand Prix in August when Alonso was accused of preventing Hamilton from completing a final qualifying lap. He was demoted from pole position to sixth on the grid by race stewards.

More serious was the Formula One 'spy scandal' which saw McLaren fined over $100 million by the sports governing body, the FIA.

During the FIA investigation it was alleged Alonso had threatened to go the FIA with sensitive information and Dennis revealed that he had not spoken to Alonso in several weeks.

A fragile peace was established for the championship decider at the Brazil GP, but it proved a disastrous finale for McLaren as neither Hamilton or Alonso could secure the points they needed to win the title and Raikkonen prevailed. E-mail to a friend

CNN's Madrid Bureau Chief Al Goodman and CNN Sports Producer Chris Eldergill contributed to this report