Ferrari have unveiled Santander as one of their title sponsors from next season after signing a five-year deal with the Spanish banking giant.

Speculation had been rife in Formula One that Santander were ready to end their three-year association with McLaren and switch to Ferrari.

The deal with Ferrari was announced at Monza on Thursday before the Italian Grand Prix - at which Ferrari president Luca di Montezemolo and Emilio Botin, the president of the Bank of Santander, are both present.

Santander, whose logos will appear prominently on Ferrari's cars as well as the driver's overalls and team members' apparel from next season, will continue to sponsor the Formula One grands prix in Italy, Britain and Germany

Botin said: "I dare say that Santander is in banking what Ferrari is in Formula One - an irreplaceable pillar and a symbol of tradition, success and strength. Formula One has turned red hot."

Di Montezemolo said Ferrari and Santander are beginning a "very important and long-term cooperation" and that both companies share common values, such as "striving for excellence, a passion for competition, and an international approach".

"These values will make this a fruitful partnership, noteworthy around the world," he predicted.