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Alonso's two-year deal reportedly to pay him $51.3M per season

MADRID, Spain -- Two-time Formula One world champion
Fernando Alonso is heading back to Renault.

The 26-year-old Spaniard announced his return to the French team
Monday after a turbulent season at McLaren.

At Renault in 2005, Alonso became the youngest driver in F1
history to win the title. He repeated in 2006.

"I am delighted to be returning to Renault," Alonso said in a
statement. "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."

Renault said that Alonso, who agreed to a two-year contract,
would drive along with Nelson Piquet Jr. The duo will make their
debut testing the new R28 car at Valencia from Jan. 22-24.

"Fernando and Nelsinho will form one of the most exciting
driver lineups of 2008," Renault managing director Flavio Briatore
said. "We are delighted to be welcoming Fernando back home to the
team where he enjoyed his greatest success. His abilities as a
driver and a team leader are well known, and we look forward to
forging another strong partnership."

Spanish media reported that Alonso would earn $51.3 million per
season, though Renault would not confirm the figure.

Alonso had been linked with a return to Renault ever since he
was released from his three-year contract with McLaren in November.
A move to the French team gained momentum Friday when FIA decided
against penalizing Renault for possessing confidential information
about rival team McLaren.

"To be honest, the first three weeks of November, I was on a
much needed vacation and during which I disconnected from Formula
One," Alonso said. "The decision to choose a team did not take
more than a week, as me and the people close to me were clear about
what we wanted."

Alonso dismissed talk that he could have taken a year off,
preferring patience while analyzing all of the possible options.

"It would have never come to me not having a drive for next
season," Alonso said. "We are talking about a very important
decision and since I could not get back at the wheel of a car until
January or February, there was no rush."

Alonso finished third in the 2007 drivers' standings with 109
points, though his season is better remembered by rocky relations
with rookie driving partner Lewis Hamilton and a spy scandal that
cost McLaren $100 million and all of its constructors' championship
points.

Renault finished third in the constructors' championship in 2007
with 51 points, 153 behind champion Ferrari.

Alonso made his F1 debut in 2001 with Minardi and spent three
years at Renault from 2003-06. In 105 races, he won 19 and finished
on the podium 49 times.

Giancarlo Fisichella and Heiki Kovalainen drove for Renault in
2007.

"Renault had a difficult year in 2007, but I know that the team
has real strength in depth," Alonso said. "I am confident they
can produce a fast and competitive car and be back at the top in
2008."