Ferrari have signed two-time world champion Fernando Alonso to drive for them for the next three F1 seasons.
From 2010 he'll replace Finland's Kimi Raikkonen, who is expected to return to his former team Maclaren-Mercedes.
Alonso's contract with Ferarri is thought to be worth around £17.3-22.8m (19-25 million Euros) and he will partner Brazilian Felipe Massa.
Robert Kubica is understood to have already signed a contract to replace Alonso at Renault.
Ferrari boss Stefano Domenicali described Alonso as an "amazing talent".
'Sad to be leaving'
Raikkonen was signed up to Ferrari until the end of 2010, but the team have negotiated an early release.
After the announcement Raikkonen said: "I am very sad to be leaving a team with which I have spent three fantastic years."