Ferrari has confirmed Kimi Raikkonen will remain with the team for the 2016 Formula 1 World Championship season.

The 2007 world champion's place in the team was considered to be under threat as Ferrari pondered whether to take up its option on him in 2016.

Indeed, after a disappointing season on his return to Ferrari in 2014, though Raikkonen has enjoyed an upturn of fortunes in 2015, he has been largely overshadowed by new team-mate Sebastian Vettel.

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However, on the back of a strong performance prior to the summer break in Hungary, Ferrari has confirmed in a short statement that it has agreed a new deal with Raikkonen that will see him race alongside Vettel once again in 2016.

"Scuderia Ferrari announces that it has renewed its technical and racing agreement with Kimi Raikkonen.

"The driver line-up next season will still consist of the Finnish driver and Sebastian Vettel."

Raikkonen's renewed deal comes after Ferrari reportedly considered Williams driver Valtteri Bottas as a potential replacement.

Raikkonen, who is currently fifth in the drivers' standings with a best finish of second place in Bahrain, was also considered to be the 'key' to the 2016 F1 market, with a number of other deals set to fall into place on the back of this announcement.

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I think Vettel is the decider on this, he don't want another Ricciardo to make him look ordinary...

With all the respect to Kimi, I really think his prime is long gone, He could not even match Alonso who he battled in 2005 and 2006 for the title who he trade punches every weekend for the win.

Ferrari just want a second driver, which will be #2, Kimi is that driver.