Ferrari have announced Kimi Raikkonen will drive for the team next season after signing a one-year contract extension.

The Scuderia have kept the Finn on their books on a year-by-year basis since his return in 2014 but were said to be considering replacing him at the end of the 2017 campaign.

The 2007 world champion has failed to win a race since his comeback to Formula 1 and his inconsistent performances had resulted in the Italian's being linked with a move for Force India's Sergio Perez.

However, Raikkonen has played a vital supporting role to team mate Sebastian Vettel's title challenge this season and the German is believed to have been a big advocate of retaining his colleague for 2018.

Ferrari have now confirmed Raikkonen will once again race for them next year, with a new extension for Vettel now thought to be close after they agreed to his demand to retain the Finn.

"Ferrari announces that Scuderia Ferrari has renewed its technical and racing agreement with Kimi Raikkonen," a team statement read. "The Finnish driver will therefore race for the Maranello team in the 2018 Formula One World Championship."