Pirelli will remain Formula One's tyre supplier until at least the end of the 2018 season, according to a report.
Telegraph Sport claims FIA President Jean Todt has "rubber stamped" a new five-year contract, which is worth an estimated £50 million, with the Italian manufacturer.
Pirelli copped a lot of flak this season over the tyres they have produced and many believed they may well decide to leave the sport at the end of the campaign. There were also suggestions that Todt would put out a tender after rumours that Michelin would return.
However, the president of motorsport's governing body admitted over the weekend that all the teams and commercial rights holder are favour of Pirelli staying.
"If it is unanimous to go in a direction and then if I go to a tender you know what people will say? (They'll say) 'He is against Pirelli so he does a tender to try to make it Michelin'," he said.
It now appears the deal is done and dusted with the company agreeing a long-term deal, which only needs to be ratified by the FIA.