Earlier on Friday, Tech3 announced that it would swap eight-time podium finisher Espargaro in favour of Moto2 championship leader Acosta, while Augusto Fernandez would retain his seat.
It ends a months-long rider logjam for KTM, having had five riders contracted to four seats for 2024.
Espargaro did sign a two-year deal to return to KTM with the GasGas-branded Tech3 squad for 2023.
In a Tech3 and GasGas statement released earlier today, it said Espargaro mutually agreed with the team to step aside into a test rider role to make way for Acosta.
In his own statement issued on social media, Espargaro confirmed this and says it was done as part of a long-term vision to make the Pierer Mobility Group “the reference in MotoGP”.
“Hi everyone, as you know I'm not a social media fan, but as I'm receiving a lot of messages of encouragement/support for the Pierer Mobility Group's news regarding our future, I wanted to clarify a few things,” Espargaro began.
“First of all, thank you very much for all the messages. Even so, I want to tell you that it has not been a unilateral decision - on the contrary!
“It is true that I would have liked to continue racing full-time in MotoGP because I think I still have the speed to be among the best.
Source: Autosport