Lewis Hamilton: Toto Wolff 'surprised' by Ferrari decision but 'holds ...

Wolff described his initial reaction to Hamilton's news as "pragmatic", his attention rapidly turning to what decisions would need to be taken in the team's best interest.

Achieving a successful 2024 season before Hamilton's departure is now Wolff's concern, while Mercedes' search to identify George Russell's next team-mate begins.

Wolff says it a significant opportunity to "do something bold" - and hopes Mercedes can seize it to usher in a new period of success.

"In Formula 1, it is all about agility, being able to embrace a change of circumstance," Wolff said.

"George has the potential to be the next lead driver in the team. We have such solid foundations so we just need to take the right choice for the second seat and that is not something I want to be rushed into.

"Knowing we have a driver at that level makes the decision on the second driver much more comfortable. I haven't reflected with the team where we will go, from rookie to very experienced."

By informing the team of his decision before the 2024 season begins, Hamilton has given Mercedes precious additional time in their search for a replacement.

Wolff said the news has come too late to explore a few "interesting" options, with Ferrari's Charles Leclerc and McLaren's Lando Norris among those to agree new deals recently, but added he expects exciting opportunities to arise.

"If you told me a few days ago Lewis would be going to Ferrari, I didn't think it was possible. Situations can change quickly. Who knows what will happen in the drivers market which could be unexpected," Wolff said.

"It is an exciting situation at end of 2024 with drivers becoming available. In 2025 and beyond, the driver market is very interesting.

"I always like change because change provides you with opportunity. Maybe it is a chance to do something bold."