Fernando Alonso Set to Return to Renault in 2008?

Fernando Alonso has reportedly signed a letter of intent to rejoin Renault in 2008, with his exit strategy and contract to be worked out soon.

The Spaniard who is currently driving for Ron Dennis' Mclaren team, is still under contract with Mclaren till 2008, with the option of continuing in 2009. However, his bad blood with team principal Ron Dennis and teammate Lewis Hamilton have quashed any hope of him remaining in the Mclaren outfit next year, with his latest accusation of the team over-inflating his tires on purpose during the Chinese Grand Prix qualifying session so that advantage can be given to his teammate Hamilton.

Toyota, desperate for a good break, has also indicated their interest in the current world champion by offering him "(US) $150 million for a three year deal; a comparable amount of money to that earned by Michael Schumacher at Ferrari towards the end of his illustrious career" as reported by F1-Live.

However, given the promise of the number one status in the Renault team, as well as an enticing 3-year contract and as escape route, Fernando Alonso is more likely to be joining Renault, where he won 2 world championship titles in seasons 2005 and 2006.