Israel Start-Up Nation confirmed their new major signing following Ineos' announcement earlier this evening (AEST).
“This is an historic moment for ISN, Israel, Israeli sports, our many fans all around the world and, of course, for me personally – a moment of enormous pride," Israel Start-Up nation's co-owner Sylvan Adams said. “Chris is the best rider of his generation and will lead our Tour de France and Grand Tour squad."
"We hope to make history together as Chris pursues further Tour de France and Grand Tour victories, achievements that would make a serious case for Chris to be considered the greatest cyclist of all time.”
Froome's contract with Ineos was due to expire at the end of this season and a move to the new WorldTour team was rumoured.
"It has been a phenomenal decade with the team," Froome said in the official Team Ineos statement. "We have achieved so much together and I will always treasure the memories."
"I look forward to exciting new challenges as I move into the next phase of my career but in the meantime my focus is on winning a fifth Tour de France with Team Ineos."
Team Ineos principal Sir Dave Brailsford said the timing to consciously uncouple was right as the team could not back just one leader at the Tour.
"Given his achievements in the sport, Chris is understandably keen to have sole team leadership in the next chapter of his career - which is not something we are able to guarantee him at this point," Brailsford said.
"Chris’s current contract comes to an end in December and we have taken the decision now not to renew it. We are making this announcement earlier than would usually be the case to put an end to recent speculation and allow the team to focus on the season ahead.
"Chris has been with us from the start. He is a great champion and we have shared many memorable moments over the years but I do believe this is the right decision for the team and for Chris.
The Brit was said to be unsatisfied with Ineos as questions surrounded the team's 2020 Tour de France leadership after Egan Bernal stated in early May he would not sacrifice his own opportunity to win another yellow jersey.
It is understood Froome also discussed the possibilities of a mid-season transfer with several teams including his new home.