Renault has confirmed that Jolyon Palmer will remain with the team in 2017.

Team boss Fred Vasseur initially confirmed the fact that the Briton will partner Nico Hulkenberg in an interview with Canal+, whilst Palmer subsequently tweeted his confirmation of the move.

"So happy to confirm I'll be staying on with Renault next year. Looking forward to a great 2017!" he wrote.

The news comes hours after a number of sources claimed that current teammate Kevin Magnussen is to replace Esteban Gutierrez at Haas next season.

While Palmer has scored just one point this season, and his teammate seven, the fact is that the shortcomings of the Renault, mainly due to the eleventh hour decision to buy the Lotus team, have seriously hampered their ability to prove themselves.

Amidst reports that Renault is to build an all-new engine for next season, the Briton should be in a position to better demonstrate has talent next year.

"We are delighted to retain Jolyon as our driver for the 2017 season," said Jérôme Stoll, Renault Sport Racing Chairman, in a subsequent press release. "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 Hülkenberg 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."

"I'm over the moon to be racing with Renault Sport Formula One Team for a second season," added Palmer, "and I can't wait to reward the team's faith in me on track.

"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."

While Magnussen's switch to Haas has yet to be officially confirmed, the second seat at Force India alongside Sergio Perez now appears to be the one remaining hot ticket with Esteban Ocon understood to be the main contender.