Franco Colapinto's backers have apparently agreed to pay Williams $4.5 million, amounting to $500,000 per race, to allow the Argentine rookie to immediately replace Logan Sargeant.
Red Bull reportedly declined the financial offer to place Liam Lawson in the seat, and according to the Argentine newspaper La Nacion, Williams didn't even approach Mick Schumacher's camp.
Ralf Schumacher, Mick's uncle, criticised Williams' decision.
"You can perhaps respect this decision because Colapinto is a driver from Williams' junior program," Ralf Schumacher told DPA news agency. "But I think it is absurd and makes no sense from a performance perspective."
"I think the risk for the racing team and also the driver is much, much higher than if they had put someone with experience like Mick in," he added.
Regarding the substantial sum Williams is set to receive from Colapinto's sponsors, Schumacher argues that "no amount in the world" can justify choosing a driver for reasons other than performance.
But he admitted: "You also have to be fair and admit that it simply took Mick too long in his second season at Haas to find his feet and get his teammate under control. Formula 1 is unforgiving."
Reports indicate that Colapinto's funding is being sourced from the Argentine automobile club, alongside sponsors such as Mercado Libre, Globant, Quilmes, and YPF.
"Once again, Argentina is showing that it can compete with the best," said Globant co-founder Guibert Englebienne.
"We already knew it, now the world will know - Franco Colapinto, you're a genius."
As for Logan Sargeant, the American who has been ousted from his seat, he broke his silence on Wednesday, stating: "For now, I will be taking time to assess my options, before making an announcement on my future in due course." body check tags ::
