Via his Twitter account, Ricciardo said: "I am so grateful for my time with @RenaultF1Team and the way I was accepted into the team.
"But we aren’t done and I can’t wait to get back on the grid this year. My next chapter isn’t here yet, so let’s finish this one strong. Merci."
On bringing Ricciardo into the team, CEO Zak Brown said: “Signing Daniel is another step forward in our long-term plan and will bring an exciting new dimension to the team, alongside Lando [Norris]. This is good news for our team, partners and of course our fans.
“I also want to pay tribute to Carlos for the excellent job he has been doing for McLaren in helping our performance recovery plan. He is a real team player and we wish him well for his future beyond McLaren.”
Team principal Andreas Seidl added: “Daniel is a proven race-winner and his experience, commitment and energy will be a valuable addition to McLaren and our mission to return to the front of the field.
"With Daniel and Lando as team-mates, I believe we have two racers who will continue to excite our fans and help the team grow."
Bidding farewell to Sainz, Seidl added: “Carlos is a true professional, a pleasure to work with and we will continue to enjoy going racing with him this year.
"We all wish him good luck for the next stage in his career when he leaves McLaren.”
Renault has claimed that 'within the unprecedented context of the 2020 season, discussions held with Daniel Ricciardo concerning a renewal of his contract beyond the end of 2020 have not been successful'.
Team principal Cyril Abiteboul said: “In our sport, and particularly within the current extraordinary situation, reciprocated confidence, unity and commitment are, more than ever, critical values for a works team.
"I am confident that the 2020 season will allow us to accomplish even more together. Our ambitions and the strategy of Renault DP World F1 Team remain unchanged.”
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