It said the decision by the sport's governing body, the FIA, to use one tyre supplier from 2008 was largely responsible for the decision.
It follows major disagreement between Michelin and the FIA over the running of F1, a situation made much worse by the Indianapolis fiasco where Michelin teams were forced to pull out of the US Grand Prix over safety concerns.
The Daily Telegraph newspaper reports Michelin's chairman, Edouard Michelin, as saying there are "profound differences" between its philosophies and those of the FIA.
