Kimball, who finished second in the opening race of the year at Hockenheim, notified the Italian team of the loss of support from one of his principle investors, casting doubt over his ability to complete the year.
"Since I didn't have a 100% chance to end the season, I opted to slow down my programme to prevent any suffering on the team's side," said Kimball.
The American's difficulties have salvaged Coletti's season.
The 19-year-old Monegasque was dismissed from Red Bull Signature, in favour of Robert Wickens, following a disappointing opening four races to his Euro Series campaign. Coletti finished fourth in last year's Formula Renault Eurocup.
Prema team principal Angelo Rosin commented: "We're really sorry not to be able to keep Charlie Kimball, since he proved to have great skill and had reached positive results.
"I appreciate his prompt communication when the problem with one of his sponsors came up. Coletti is an extremely fast young driver who has great potential. He proved that by staying among the leading pack in the Italian and European Formula Renault championships in 2007."
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