Ferrari has confirmed that 2007 world champion Kimi Raikkonen will remain with the team for the 2018 season after once again taking up the option to extend the Finn's contract for a further year.

It has thus far been a tricky season for Raikkonen, who has struggled to match team-mate and championship leader Sebastian Vettel. After 11 rounds, he finds himself 86 points and four positions behind the German, nonetheless, the team were widely expected to renew his contract given the healthy dynamic at Maranello.

No serious competition emerged with Red Bull ushering away any interest in Carlos Sainz and their two senior team drivers and the team's young drivers Charles Leclerc and Antonio Giovinazzi set to battle instead for a seat at engine customers Sauber.

Vettel, who has yet to sign for 2018 with speculation of disagreement regarding contract length, had openly stated that he wanted Raikkonen to stay put and is expected to begin contract talks with the team after the summer break. 

The news represents the latest piece of the puzzle in F1's driver market, closing the door for the likes of Fernando Alonso and Sergio Perez.