Pirelli will continue to be the sole tyre supplier in Formula One after reaching an agreement with the sport's commercial rights holder Bernie Ecclestone.
The Italian manufacturer's current contract was due to expire at the end of next season, but under the terms of their new deal they will now remain in the sport until the end of 2019.
The deal is expected to be rubber-stamped by Formula One's governing body in December after Pirelli, who entered the sport in 2011, saw off competition from rivals Michelin for the exclusive contract.
"A commercial agreement has been found with FOM (Formula One Management)," Pirelli chief Paul Hembery said at Sunday's Russian Grand Prix.
"There is still the formal process to go through with the World Council but we have been approved technically by the FIA and that is the first phase of the tender process.
"There will be a bit of contract writing to do, which will keep the lawyers busy for a little while, and then we have another four years in front of us."
Pirelli came under fire at this year's Belgian Grand Prix after Nico Rosberg and Sebastian Vettel both suffered high-speed blow-outs. Indeed a furious Vettel claimed the tyre failure could have killed him, but Hembery insisted Pirelli were happy to renew their Formula One deal.
"We are delighted to stay in the sport as it provides a unique platform," Hembery said. "It is a genuine global championship and it is obviously a sport we wanted to stay in."
Formula One's regulations are set to change for the 2017 campaign with the introduction of bigger rear tyres and faster, more aggressive-looking cars.
Rosberg, who retired from Sunday's race in Russia to all but end his championship challenge, added: "We need to make sure that the fans love the sport and therefore we need to discuss with Pirelli what they want going forward.
"2017 is the opportunity to make a change if it is necessary and that is being worked on at the moment."
Source: PA
