Force India's Nico Hulkenberg of Germany at the Japanese Grand Prix this yearReuters

Vijay Mallya-led Sahara Force India F1 Team's racer Nico Hulkenberg will sign a two-year deal to join Renault next season. The 29-year-old German would be leaving the Silverstone-based team at the end of the year to bring the curtain down on his five year-stint. 

According to German publication Bild, Hulkenberg could bag around $20 million (£17 million) over two-three years at Renault - who are ninth in the 2016 constructor standings with eight points, as many as 124 points below Sahara Force India, who are fourth in the standings.

Hulkenberg, too, is ninth in the 2016 driver standings with a total of 54 points, 26 points below his Force India teammate Sergio Perez, who is eighth. His last race with Sahara Force India will be in Abu Dhabi next month.

"Everybody at Sahara Force India wishes Nico well as he embarks upon a different path in Formula One," Force India Managing Director Vijay Mallya mentioned in a statement. "Having spent five years with us, Nico has become a great friend and contributed a huge amount to the team's success."

"He's an outstanding driver, who has scored more points for this team than anybody else. While it's true we will miss Nico, we respect his decision to explore fresh opportunities and it would be wrong to stand in his way," the statement added.

Hulkenberg made his Formula 1 debut in 2010 with Williams as a race driver at the Bahrain GP, before changing over to Force India in 2011 as a reserve driver. He was promoted to be a race diver in 2012. The 29-year-old has never had a podium finish in his career.