A company has decided to replace hypervisors to reduce licensing costs. An administrator has been tasked with migrating VMs to the new hypervisor. Which of the following migration types will be used?

P2P (Physical-to-Physical) migration moves workloads between two physical servers and does not involve virtualization at either the source or destination.

V2V (Virtual-to-Virtual) migration converts and transfers a VM from one hypervisor platform to a different hypervisor, which is exactly what is required when replacing a licensed hypervisor product with a lower-cost alternative while preserving existing workloads and their configurations.

V2P (Virtual-to-Physical) migration converts a virtual machine into a workload running directly on physical hardware, which is the reverse of the goal described.

P2V (Physical-to-Virtual) migration converts a physical server into a virtual machine and is used when first virtualizing an environment, not when changing between hypervisor platforms.