Vijay Mallya said he was contacted by Ferrari with the proposal just 24 hours ago. Force India team's owner said the move didn't include any financial setlement.
"The agreement will secure Giancarlo's long term future with Ferrari and it would be incorrect to jeopardise this, particularly when Giancarlo has made such a vital contribution to Force India," said the Indian billionaire.
"We would like to thank Giancarlo for all his help over the past one and a half seasons and for delivering us our first world championship points last weekend. He has been an integral part of the team and we owe him a great deal for his input behind the scenes and performance out on track. We wish him all the best for the future," added Mallya.
Force India said it will announce Fisichella's replacement shortly, but it is rumored it will most likely be Vitantonio Liuzzi, who is the current Force India reserve driver.
Meanwhile, Scuderia Ferrari also released a press statement thanking Luca Badoer for his dedication and team spirit.
"We wish to thank Luca Badoer for the team spirit he demonstrated in these circumstances: it is a shame he was unable to show his true worth in these last two races, tackled under conditions which anyone would have found difficult," said Stefano Domenicali.