Caterham, the only team yet to name their drivers for the season starting in Australia in March, are expected to announce the line-up on Tuesday.
Japan's Kamui Kobayashi, who left Sauber at the end of 2012 after finishing third in his home grand prix at Suzuka, has been tipped to join the team owned by AirAsia airline boss Tony Fernandes.
Pic, 23, made his F1 debut with Marussia in 2012 before moving to Caterham last year. The team ended up last overall, behind Marussia, with no points.
His departure will leave France with three drivers - Romain Grosjean at Lotus, Jean-Eric Vergne at Toro Rosso and Jules Bianchi at Marussia.
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- Kamui Kobayashi