Lotus have confirmed Pastor Maldonado will partner Romain Grosjean in their team for the 2014 Formula One season.

The Venezuelan takes over the seat from Kimi Raikkonen, who teamed up with Ferrari at the end of the 2013 campaign.

The 28-year-old had already announced he was leaving Williams, with whom he won the 2012 Spanish GP, after enduring a difficult season.

Never the most consistent of drivers, Maldonado has shown blinding pace at times during his career. However, he was outperformed by rookie Valtteri Bottas in 2013 and even accused Williams of sabotaging his car in Austin after being comprehensively outqualified by the Finn.

"It is a fantastic opportunity for me to join Lotus F1 Team for 2014," said Maldonado. "It's no secret that I have wanted a change of scene to help push on with my Formula One career and Lotus F1 Team offered the very best opportunity for me to be competitive next season.

"The regulations and cars will change significantly, so it is a very good time for a fresh start. I can't wait to be racing in black and gold."

Linked intrinsically to the move is the multimillion-dollar backing Maldonado will bring courtesy of Venezuelan state oil company PDVSA. Lotus have struggled with cashflow problems during the 2013 season, with outgoing driver Raikkonen even complaining the team had failed to pay his salary.

Lotus have been waiting on backing from Quantum Motorsports, who announced in June that they intended to acquire a 35% stake in the team, and it remains to be seen where Maldonado's confirmation leaves that particular deal.

It had seemed to be on the verge of completion at the Abu Dhabi GP, with Quantum boss Mansoor Ijaz even urging Lotus, who eventually finished fourth in the Constructors' Championship, to sign Nico Hulkenberg.

The highly-rated German had been vying with Maldonado for the Lotus seat, but having now been passed over by several top-ranking teams in the past couple of seasons, he appears set to leave Sauber and rejoin Force India.

The announcement is seen as an important step in settling the so-called drivers' market, with speculation about who might go where in 2014 building to a climax in recent weeks.

There is, however, no surprise whatsoever in Lotus's decision to retain Grosjean, who has arguably been the most improved driver on the grid this season.

The 27-year-old Frenchman, who incurred a one-race ban during a spate of shunts last year - Mark Webber famously branded him a "first-lap nutcase" after their collision at the start of the 2012 Japanese GP - has tempered his hot-headedness whilst maintaining formidable speed.

Grosjean claimed six podium finishes in total during 2013, but has been particularly impressive in the latter half of the season, finishing second behind world champion Sebastian Vettel in Austin.

"I am very happy to have official confirmation that I will be continuing to drive for Lotus F1 Team next season," Grosjean said.

"This past year has been tremendously satisfying for me. We have worked well together, and I know everyone at Enstone is motivated to continue the fight for every last point available.

"I am very excited about next year's car and I cannot wait to get out on track for pre-season testing before heading to Australia for the first race of the season."