Panis retires from racing

The 38-year-old Frenchman, who has won one grand prix in his career, decided on his retirement from racing in the summer. Toyota wanted to keep him on board, however, as it rates his technical abilities highly.

Panis will also conduct corporate promotional activities for the team and will adopt an advisory role for Toyota's young drivers programme, the Toyota Drivers' Academy.

"My decision to retire as an F1 race driver has come after some months of deep thought, but I am proud that Panasonic Toyota Racing has decided to retain my services," said Panis. "I have a strong relationship with everyone at Toyota and I am pleased to be able to continue my work as a representative of the team both on and off the track. I am looking forward to helping the team move further up the grid and I am confident that together we will reap the rewards of our combined efforts over the last two years."

Panis will only return to racing if either Toyota race driver is unable to take part in a GP weekend next year. Panis is not eligible to run the third car during Friday practice sessions, according to current FIA regulations, which stipulate that the driver of the third car must not have participated in more than six grands prix in the last two years.

Team principal of Toyota, Tsutomu Tomita said: "We are very pleased that Olivier has accepted our offer to stay with Panasonic Toyota Racing for an additional two years. His input to our team has been invaluable and we see Olivier's future role with the team as crucial to our further development. His excellent technical feedback will be highly beneficial in a testing role.

"He will also take part in PR and marketing activities for the team. With over 150 GPs of experience as a race driver, he will also act as our reserve driver in case either of our race drivers cannot participate in a GP weekend. Together, I am sure that we can celebrate success in the coming years."