BREAKING NEWS: Raikkonen signs on with Ferrari for 2018

Updated: 
2017 British Grand Prix - Race Day - Silverstone Circuit

Kimi Raikkonen has signed a new contract with Ferrari, tying him to the Italian constructor for the 2018 Formula One season.

The Finnish driver's old deal was set to expire at the end of the current campaign and criticism from president Sergio Marchionne earlier this year led to rumours that Raikkonen may be replaced.

However, Marchionne recently stated his desire for both Raikkonen and F1 world championship leader Sebastian Vettel to prolong their stay with the Maranello-based team.

And Ferrari confirmed an extension for veteran Raikkonen on Tuesday, with a short statement reading: "Scuderia Ferrari has renewed its technical and racing agreement with Kimi Raikkonen.

"The Finnish driver will therefore race for the Maranello team in the 2018 Formula One World Championship."