Media reports claim that Ferrari will make an announcement on Thursday and team boss Stefano Domenicali has all but confirmed the deal saying: "As soon as we are ready we will let you know. We don't want to wait too long."

Speculation is rife that Alonso's departure will lead to Kimi Raikkonen returning to McLaren while BMW driver Robert Kubica is expected partner Romain Grosjean at Renault next year.

Not for the first time - and PF1 seriously doubts if it will be for the last time either - Ferrari have denied signing Fernando Alonso.

Earlier this week, Diario AS reported that Fernando Alonso would be heading to Ferrari next season, having signed a five-year contract.

The Spanish daily even went as far as to say that the Scuderia would be confirming the Spaniard on the Friday of the Italian GP weekend and would be including him in their post-season parties.

Ferrari, though, have denied the report.

Ferrari will reportedly confirm the signing of Fernando Alonso at their home race, the Italian Grand Prix.

Rumours of his pending move to Ferrari have dogged Alonso for the past three years, however, instead of joining the Italian marque he spent the 2007 season at McLaren before returning to Renault.

But his days at Renault are reportedly numbered.

Spanish daily Diario AS is claiming that on the Friday of the Italian Grand Prix, Ferrari will confirm that Alonso will be joining them next season, having signed a five-year contract.

McLaren face being hauled before the World Motor Sport Council for the third time in under two years following their deception in the furore surrounding the Australian Grand Prix.

Sporting director Dave Ryan was made the sacrificial lamb by the team as he has been suspended for deliberately misleading race stewards investigating the chaos that unfolded last Sunday.