Pirelli will be Formula One's exclusive tyre supplier for three years from the start of the 2011 season.
The announcement by F1's governing body, the FIA, follows Bridgestone's decision to pull out of the sport after this year's campaign.
"Pirelli has been selected as the single tyre supplier for the FIA Formula One World Championship for a period of three years, commencing in 2011," said an FIA statement.
"The sole supplier will undertake to strictly respect the sporting and technical regulations implemented by the FIA."
Pirelli tyres have been on 44 grand prix winning cars. It was last on the grid in 1991.