Motor Sport:Fernando Alonso will seek to rekindle his glory days with Renault after confirming that he is rejoining the French team only weeks after calling time at the end of a disastrous one-year alliance with the McLaren-Mercedes squad.

The 26-year-old Spanish driver is expected to earn over $20m a year for the two-year contract, the finalisation of which represents a major coup for the Renault team principal, Flavio Briatore, who held out against Alonso's request for a one-year deal.

Briatore, unwilling for his team to be used as a staging post on the twice world champion's possible journey to Ferrari in 2009, was adamant it was going to be a two-year deal or nothing and Alonso, facing the possibility of a year's sabbatical as the only viable alternative, signed on the dotted line.

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

Alonso, who split with McLaren last month after both sides tore up a three-year deal, claimed he had never been worried about being left out in the cold next season but had in fact been amused by all the speculation.

"It would have never come to me not having a drive for next season," he said. "It was not like I had to choose between a grey pair of trousers and a black one. 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 said he was clear about what he wanted and the decision had taken little more than a week. "They were talking about a one-year contract or a three-year contract, even saying I had been visiting factories, some suggesting I was taking a year off," he said. "That's when I realised what was going on and it was fun to read the papers every morning."

Nelson Piquet Jr, whose father won three world championships in the 1980s, will complete the team's race driver line-up. The 22-year-old Brazilian spent 2007 as Renault's test and reserve driver after finishing runner-up to Lewis Hamilton in the 2006 GP2 series. He will make his Formula One debut at the 2008 Australian Grand Prix. "First of all I want to thank Flavio and Renault for putting their confidence in me for 2008," said Piquet, who replaces Heikki Kovalainen as the team's second driver.

"It is a fantastic opportunity to make my Formula One debut with one of the top teams on the grid and alongside one of the very best drivers in the sport. As a rookie there is no better way to start your career than to have a double world champion as your reference point." Alonso remained philosophical about the acrimonious breach with McLaren.

"It's not easy to sum up a season with just a grade or a number," said Alonso. "What is certain is that 2007 has been a very good year for me in spite of what people think. I don't like that people forget that with 20 laps to go in Brazil I still could have won the world championship.

"Then Kimi (Raikkonen) overtook (Felipe) Massa and Kimi, with this victory, scored the number of points he needed to be world champion.

"At the start of the season I would have put my signature for being able to fight until the last laps of the season for a new world title. I would have been more than happy with that."

Kovalainen will be hoping there is a possibility of securing the second McLaren-Mercedes drive alongside Hamilton, although the signals emanating from McLaren suggest that the team will be seeking to promote from inside to find Alonso's successor.

Hamilton will begin the new season as his team's number one driver and is hoping for fewer distractions off the track next season. "In terms of all the politics it has been frustrating," he said. "I am just a racer. I love to go to the tracks and drive.

I don't like to get involved in all the politics but unfortunately you are dragged into it.

"You just have to deal with it in the best way you can. Hopefully next year we will have a much smoother year."