Renault confirmes double Formula One world champion Fernando Alonso for next season. Renault say the 26-year-old Spaniard, who left McLaren last month after a tempestuous season, has signed a two-year deal. Former Renault F1 test driver, Brazilian Nelson Piquet Jr, has been promoted to the race team as Alonso’s team-mate. They would not confirm the value of the contract, although there are reports Alonso will earn approximately £25m.  Alonso is believed to take the number one status in their driver line up for the 2008 Formula One Season.

Finn Heikki Kovalainen, who had an impressive first season with Renault in 2007, is expected to move to either McLaren, where he would partner Lewis Hamilton, or the Toyota F1 Team. 
Alonso was quoted: “This is the team where I grew up as a driver in F1. Now it is time for us to begin a new chapter together. I am very excited about working with this great team once more, and confident that together we can move back to the front of the field. Renault had a difficult year in 2007, but I know that the team has real strength in depth. I am confident they can produce a fast and competitive car and be back at the top in 2008.”  Alonso, 26, previously drove for Renault between 2003 and 2006, during which time he scored 15 Grand Prix victories and won two drivers’ championships, in 2005 and 2006.