Fernando Alonso’s widely-tipped moved to Ferrari from Renault is expected to be confirmed within the next 48 hours, according to Maranello sources.
The double world champion has reportedly signed a two year deal with the Italian firm and he will earn an annual salary in the region of 19-25 million euro (£17.3-22.8m).
Alonso's contract runs to the end of 2011, but there are options for a further three years, which could mean he will drive for Ferrari until the end of 2014, when he will be 33.
A Ferrari spokesman said: "At this moment, there is nothing we can say. In the last few weeks, something has changed. We are talking to the drivers and when it is the proper time we will make an announcement."
Alonso will team up with the recovering Felipe Massa in 2010, with Kimi Raikkonen poised to return to McLaren. Alonso will be replaced at Renault by Polish driver Robert Kubica, who will switch from the outgoing BMW Sauber team.