Cadena Ser radio reported on Tuesday that the two-time World Champion will sign a deal until 2014 with the Italian marquee with an option of extending the contract by one more year. The deal will earn him a reported €25 million a year.
Media reports claim that Ferrari will make an announcement on Thursday and team boss Stefano Domenicali has all but confirmed the deal saying: "As soon as we are ready we will let you know. We don't want to wait too long."
Speculation is rife that Alonso's departure will lead to Kimi Raikkonen returning to McLaren while BMW driver Robert Kubica is expected partner Romain Grosjean at Renault next year.
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