Since Vettel and Ferrari announced they would be parting ways at the end of this year, the future of the four-time champion has been one of F1's hot topics of speculation.
Wolff has so far refused to rule Vettel out of the equation for 2021 given both Hamilton and Bottas are out of contract at the end of the season, although it is widely expected the six-time champion Briton will soon sign a new deal.
Horner, who has previously ruled out a Vettel return to Red Bull as he does not want to partner him with another "alpha male" in Max Verstappen, feels there are numerous options open to the 32-year-old German.
“Sebastian is a very deep thinker," said Horner on F1 Unscripted in conversation with David Coulthard. "He will have given this a huge amount of thought, I’ve got no doubt about that.
"What he’s achieved in his career is phenomenal, so if he were to decide that there’s not a competitive drive available to him at the end of this year, and he calls it a day... he could even take a year out if he wanted.
"He has a young family, he’s one of the most successful drivers in the history of the sport. In saying that, he’s still pretty young. He’s still in his early 30s, he’s still phenomenally quick.
Should Vettel opt to quit, Horner has no doubt he will be missed.
"He’s a great driver and as I say, I’m sure he’s given this a lot of thought, and all we can do is wish him the best," added Horner.
"I think Formula 1 will be worse off if he’s not there, but you have to respect his decision.”
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