Grapevine: Rossi signs one-year Yamaha deal

The Italian announced last week that he had decided against making the switch to Formula One next season as he preferred to remain in motorcycle racing.

However, his new commitment only takes him until the end of 2007, which will be his fourth season with Yamaha.

Yamaha Motor Racing's managing director Lin Jarvis said: "We are firstly delighted that Valentino has chosen to stay in MotoGP. He is a great ambassador for motorcycle racing in general and extremely important to the global image of this sport.

"He is the most talented and the fastest rider on the grid and the benchmark to which others aspire."

Rossi added: "I'm very pleased to be staying with Yamaha next year. These past two years with Yamaha have been two of the best of my career and I am extremely happy to stay with them and with my team.

"I believe I have made the right choice and I am very excited about the challenge of a new class of racing with Yamaha next year."

Rossi's decision to commit for just one year will likely lead to fresh speculation about whether he is still considering making the move to four wheels eventually.