Mercedes has been eager to promote its Italian protege, Andrea Kimi Antonelli, and has 29-year-old Carlos Sainz as an option.
Magnussen's other options are Sauber, Alpine and Williams. All three teams have yet to be linked with the Dane and have multiple drivers to choose from.
He has already sampled life outside of Formula 1, racing in the IMSA SportsCar Championship after his first spell in F1.
He won at Belle Isle in Detroit three years ago and competed in a one-off IndyCar race at Road America, retiring with mechanical trouble.
Multiple ex-F1 drivers and young Formula 1 hopefuls have moved to IndyCar, including Marcus Ericsson, who won the Indy 500 in 2022.
Sportscars and WEC may also be another option for Magnussen, who was scheduled to drive for Peugeot in 2022 before returning to Formula 1 with Haas.
The ever-expanding Hypercar class in WEC may also present opportunities for the Dane, including Aston Martin and the ruling that mandates two-car teams, opening up more seats.
The highly experienced Magnussen proved to be a blisteringly fast F1 driver and will likely have multiple offers for next year in a range of championships.
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