After a turbulent season at McLaren and months of speculation, Fernando Alonso finally agreed a two-year contract with Renault, the team which helped him win two Formula One titles in 2005 and 2006. According to Spanish media, he will earn $51.3 million a season.

"The decision was not an easy one to make," the 26-year-old Spaniard said after signing the contract. "I am delighted to be returning to Renault. This was the team where I grew up as a driver in Formula One. Now it is time for us to begin a new chapter together. I would like to thank all the other teams for their interest to have me work with them. In the end I chose Renault because of their commitment to the sport and because of their strong track record."

The Oviedo native Alonso made his F1 debut in 2001 with Minardi and spent three years at Renault from 2003-06. He became the youngest driver to achieve pole position and then a race win at age 21 at the Hungarian Grand Prix in August 2003. He is also the youngest driver in F1 history to win the title. He held off seven-time world champion Michael Schumacher to repeat his achievement in 2006, then left Renault for McLaren at the end of last year but split with the Mercedes-powered team last month after publicly falling out with team boss Ron Dennis. Dennis' refusal to give Alonso "number one" status over rookie team-mate Lewis Hamilton was combined with a spy scandal that cost McLaren $100 million and all of its constructors' championships points.

Alonso's return had been expected but was delayed after a spying controversy left Renault exposed to the risk of heavy sanctions next season. That hurdle was removed last week when a hearing of the governing FIA in Monaco found the team guilty of having confidential McLaren technical information in their possession but imposed no penalty because there was no evidence the championship had been affected.

The former champion, who lost his title this year to Ferrari's Kimi Raikkonen, can be sure of number one status at the French team. His partner will be another rookie, Nelson Piquet Jr.

"It's not easy to sum up a season with just a grade or a number. What is certain is that 2007 has been a very good year for me in spite of what people think," said Alonso, who finished third in the drivers' championship with 109 points, one behind Raikkonen but with fewer race wins than Hamilton, who also finished with 109 points and was second. "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."

Renault competed with Italian Giancarlo Fisichella and Finnish rookie Heikki Kovalainen this year but finished third in the constructors' championship with 51 points, 153 behind the winner Ferrari. Team boss Flavio Briatore praised the new men: "Fernando and Nelsinho will form one of the most exciting driver line-ups of 2008. Fernando's abilities as a driver and a team leader are well known, and we look forward to forging another strong partnership. What's more, he knows the team well and how we operate; he will feel comfortable straight away in this environment. Nelsinho is one of the most promising young talents in motor sport. After his success in GP2, he has spent a year learning the ropes as our test driver and getting to know the team; he is now ready to step up to the next level."

Renault said they would launch their new R28 car in Paris on January 31. Alonso and Piquet Jr. would make their debut testing the new R28 car at Valencia from Jan. 22-24. However, Alonso stopped short of promising a third championship at Renault: "We will see what can be done. We shouldn't put the cart before the horse."