After comments began circulating online that a change at the top for Ferrari was imminent on Monday morning, the team wasted no time in confirming the rumors, announcing Binotto as their new chief several hours later.
Ferrari president John Elkann has decided that Binotto, 49, is the right man to lead the Italian stable in 2019, Gazzetta reported.
The news, first reported by La Gazzetta dello Sport on Monday, comes after Ferrari again lost out to Mercedes in the battle for both drivers' and constructors' championships a year ago, despite beginning the season with perhaps the strongest package on the grid.
The failure to deal with the issue of team orders in a clear manner like Mercedes did triggered unnecessary flash points between Kimi Raikkonen and Sebastian Vettel at the German and Italian Grands Prix.
"Ferrari would like to thank Maurizio for his valuable contribution to the team's increasing competitiveness over the past few years, and wish him the best for his future endeavours".
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The company said that the decision was taken "after lengthy discussions related to Maurizio's long term personal interests as well as those of the team itself".
Swiss-born Binotto has been with Ferrari since 1995, starting off as a test engineer, moving up to chief engineer before being appointed technical director in 2016.
The Ferrari veteran, who has risen through the ranks to technical director and overseen a big step up in engine performance, has also reportedly been a target for rival constructors. In its now decade-long title drought, the Scuderia has become desperate to return to winning form and has burned through team principals faster than any other team on the grid in the V-6 era.
Reports of a rift between Arrivabene and Binotto lingered throughout 2018.
It was widely believed that Sebastian Vettel should have beaten Lewis Hamilton to the world title previous year, but a combination of driver errors and management failures gifted the championship to the Mercedes driver.
Arrivabene's tenure has looked uncertain for some time, with reports as far back as October, 2017 suggesting Binotto could replace the former Philip Morris marketing executive. And while strong technically and great with the staff, it's unclear whether Binotto has the commercial experience required to deliver in this role.
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