Scuderia Ferrari has finally confirmed that four-time world champion Sebastian Vettel will replace Fernando Alonso at the Prancing Horse from next season on a three-year deal.

The move, which has been common knowledge in Formula 1 circles since Red Bull Racing announced Vettel’s exit from its team in early October, will see Alonso move back to McLaren.

Ferrari has meanwhile elected to maintain stability with its second entry, keeping Kimi Raikkonen despite the Finn having been comprehensively out-gunned by Alonso.

Vettel, who breaks a career-long bond with Red Bull to join Ferrari, says he’s excited to follow in the footsteps of his idol Michael Schumacher.

“The next stage of my Formula 1 career will be spent with Scuderia Ferrari and for me that means the dream of a lifetime has come true” said Vettel.

“When I was a kid, Michael Schumacher in the red car was my greatest idol and now it’s an incredible honour to finally get the chance to drive a Ferrari.

“I already got a small taste of what the Ferrari spirit means, when I took my first win at Monza in 2008, with an engine from the Prancing Horse built in Maranello.

“The Scuderia has a great tradition in this sport and I am extremely motivated to help the team get back to the top. I will put my heart and soul into making it happen.”

A Ferrari driver has won the F1 title just once since the last of Schumacher’s five successes with the team in 2004.

After five frustrating years for Alonso, the Scuderia is now preparing to rebuild its program around the 27-year-old German.

“Scuderia Ferrari has decided to put its faith in the youngest multiple champion in the history of Formula 1,” said Ferrari team principal Marco Mattiacci.

“In Formula 1 terms, Sebastian Vettel is a unique combination of youthfulness and experience and he brings with him that sense of team spirit which will prove invaluable when, together with Kimi, they tackle the challenges awaiting us, as we aim to be front runners again as soon as possible.

“With Sebastian, we all share a thirst for victory as well as enthusiasm, a strong work ethic and tenacity; key elements for all the Scuderia members to write together a new winning chapter in the history of Ferrari.”

Mattiacci also paid tribute to the efforts of Alonso, who has finished second in the title race three times since 2010.

“In the Scuderia Ferrari roll of honour of great drivers, Fernando Alonso will always occupy a special place” he said.

“We offer him our heartfelt thanks for what has been an extraordinary adventure with the Scuderia, when in the past five years, he twice came so close to winning the world championship.

“I am sure that a great driver like Fernando will always hold the Prancing Horse dear to his heart and I also expect the Ferrari fans will continue to hold him in high regard in his future endeavours.”

Alonso reflected on his time at the Italian team in a Ferrari statement, where he stressed that it had been his decision to leave.

“It was a difficult decision to take, but a carefully considered one and from start to finish, my love for Ferrari was a prime consideration,” he said of his exit.

“I have always been lucky enough to make my own decisions about my future and I have that possibility now too. I must thank the team for that, as it understood my position.

“I leave Scuderia Ferrari after five years, during which I reached my very best level professionally, tackling major challenges that pushed me to find new limits.

“I also proved to be a true team-player, putting the interests of the Scuderia before my own. When I had to take important decisions about my future, I did so with Ferrari in my heart, driven by my love for the team. I am very proud of what we have achieved together.

“Thanks to the efforts of the men and women of Maranello, on three occasions we came second in the Formula 1 World Championship, two of them fighting for the title right up to and including the final race, running in a championship winning position for many laps.

“Without a shadow of a doubt, these five years produced some of the best moments of my career and I also feel that, in leaving the team, it is family rather than friends I am leaving behind.

“Now I look to the future with great enthusiasm, knowing that part of my heart will always belong to the Prancing Horse. I want to thank each and everyone of the team for the trust they showed in me.”