The Formula One Group has announced that Pirelli will remain the sport's exclusive tyre supplier until the end of the 2023 season.
The Italian company was awarded a new contract after winning the FIA tender, likely against South Korean tyre manufacturer Hankook.
"We are delighted to have reached this agreement, which guarantees a long-term stable future for such a crucial component of Formula One," said F1 CEO Chase Carey.
Pirelli's new deal will cover a period in which Formula 1 will switch from 13-inch to 18-inch wheels in 2021, a change that will require the company to undertake a significant design change of its tyres.
However, Pirelli has vowed "to work together toward the new technical regulations expected for 2021, including the 18-inch tyre".
"It’s excellent news that Pirelli is prolonging its partnership with Formula One until 2023, " added Marco Tronchetti Provera, Pirelli Vice President and CEO.
"This new agreement extends our presence to a total of 13 seasons in the modern era, with Pirelli also present in 1950, when the World Championship was inaugurated.
"Formula One is and will remain the pinnacle of motorised competition: the perfect environment for Pirelli, which has always defined motorsport as its most advanced technological research and evelopment laboratory. Formula One provides the perfect showcase for our Ultra High
"Performance road car tyres, which equip the world’s most desirable prestige and premium vehicles to guarantee the highest standards of performance, sustainability and safety."
The announcement by the FIA earlier this year of a tyre tender process led to speculation that Michelin, who withdrew from F1 in 2006, could possibly bid for the contract.
However, the French manufacturer was against the idea of supplying 13-inch wheels only for 2020, and then shifting to 18-inch wheels a year later.
Michelin also felt that F1's request for high-degrading tyres went against "its principles of efficient resource management and respect for the technology of a sustainable tyre."