Double world champion Fernando Alonso will return to Renault next season in an all-new line-up with Brazilian Nelson Piquet junior, the Formula One team announced on Monday.
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"Fernando and Nelsinho will form one of the most exciting driver lineups of 2008," said Renault team boss Flavio Briatore in a statement.
No financial details were given, although the deal could make Spaniard Alonso the highest paid driver on the starting grid. Some reports have suggested a figure of $100 million over three years.
A Renault spokesman confirmed the contract was for two years with an option on a third.
Frenchman Romain Grosjean, the F3 Euroseries champion, completes the line-up as test and reserve driver.
Alonso, 26, won both his titles with the French manufacturer in 2005 and 2006 before an ill-fated move to McLaren. He has won 19 grands prix, with his first at the wheel of a Renault in 2003.
Piquet, whose father and namesake was a triple champion in the 1980s, was a test driver this season after finishing runner-up to Britain's Lewis Hamilton in the 2006 GP2 feeder series.
"The decision hasn't been an easy one to make," Alonso said in a team interview. "I would like to thank all the other teams for their interest to have me work with them.
"I chose Renault in the end considering their commitment to the sport and because of their strong track record."
Alonso left Renault at the end of last year for McLaren but split with the Mercedes-powered team last month after falling out with senior management over their refusal to give him preferential treatment over Hamilton.
"I am delighted to be returning to Renault," he said. "This is the team where I grew up as a driver in Formula One. Now it is time for us to begin a new chapter together.
DIFFICULT YEAR
"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," said Alonso, whose new team failed to win a race this past season.
"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." The former champion, who lost his title this year to Ferrari's Finnish 'Iceman' Kimi Raikkonen, can be sure of number one status at Renault.
"His abilities as a driver and a team leader are well known, and we look forward to forging another strong partnership," commented Briatore.
"What's more, he knows the team well and how we operate; he will feel comfortable straight away in this environment."
Alonso's return had been expected, despite speculation about a move to Red Bull or Toyota, but it 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.
Renault competed with Italian Giancarlo Fisichella and Finnish rookie Heikki Kovalainen this year but Briatore praised the new men.
"Nelsinho is one of the most promising young talents in motorsport. 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," he said.
Kovalainen has been linked with the vacant McLaren seat, although that team's Spanish reserve driver Pedro de la Rosa is also a strong candidate to replace his compatriot Alonso.
Fisichella tested with Force India in Spain last week.
Renault said they would launch their new R28 car in Paris on Jan. 31.
