Fernando Alonso says he feels "happy and privileged" to have extended his contract with the Ferrari team until the end of the 2016 season.
The Spaniard joined the Maranello-based squad last year and had a contract until the end of 2012, but the team confirmed a four-year extension on Thursday.
"It was good news for me and my career to extend the contract and get an extension to 2016," said Alonso in Barcelona ahead of the Spanish Grand Prix.
"Also as I said last year the intention is to finish my career with Ferrari. I don't imagine a better place to race for a racing driver.
"I have been lucky to arrive here last year and I felt at home from day one and I have the possibility to race here until the end of 2016, so it will be seven years in Ferrari.
"I am happy and privileged, and maybe in 2017 we will have another contract. I will see if I am not too old and if Ferrari still want me."
Alonso said extending his deal with Ferrari was only a natural decision, given how comfortable he has been since he joined in 2010.
"It is not a big change in my mind, my head. It was already very clear that I wanted to race here for many years, and despite what the contract said, the stability was always 100% in my case. This was just a public confirmation, nothing changed inside the team."
He added: "I have to say it was a very easy decision for us. We started talking one or two weeks ago about the future and both of us wanted to continue. I was happy with the team and they seemed to be happy with me as well, so we said 'okay, we make an extension of the contract'.
"We agreed to 2016, and everything is more clear for us, for the team members and for everyone to have stability. It was a decision from both parts."
Although the two-time champion admitted it was impossible to tell how successful he will be at Ferrari, he feels he is at the best team to achieve more championship glory.
"F1 is impossible to predict and it is impossible to predict about wining championships even before you started. For sure I am in the best team possible to fight for world championships. Some other teams go up and down, they have good years and bad years.
"At Ferrari in the worst years you finish second or third in the world championship so this is something Ferrari can offer to a driver."