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Fernando Alonso set to return to F1 with Renault in 2021

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Magnussen: Alonso return will be good for Ocon and Renault (0:56)

Kevin Magnussen reacts to the breaking news that Fernando Alonso will return to F1 in 2021 at Renault. (0:56)

Two-time world champion Fernando Alonso is set to return to Formula One with Renault in 2021, with a deal expected to be announced on Wednesday.

ESPN understands the Spaniard will replace McLaren-bound Daniel Ricciardo next year. The move will reunite Alonso with the Renault team he won championships with in 2005 and 2006.

Renault declined to comment when asked about the news. A report in Spain suggests Alonso has signed a two-year contract.

Alonso stepped away from F1 at the end of 2018 following a difficult four-year spell at McLaren without a victory or a podium. He came close to winning championships with Ferrari in 2010 and 2012 but suffered agonising near-misses at the final race of either campaign.

The last of his 32 wins came at the 2013 European Grand Prix with Ferrari.

The Spaniard is widely regarded as one of the best drivers of the modern era.

Since stepping away from F1, Alonso has won the World Endurance Championship, the pinnacle of sports car racing, with Toyota. His stint with the team included victory at the prestigious Le Mans 24 Hours in 2018.

Alonso will contest the Indy 500 in August. Winning it would make him the second driver to claim motor racing's unofficial Triple Crown, alongside the Le Mans 24 Hours and Monaco Grand Prix.