Kimi Raikkonen is set to be announced as Ferrari's new driver for next year's Formula 1 season after reportedly agreeing a deal on Monday.

The Finn enjoyed great success at Ferrari earlier in his career, winning the world title with the team back in 2007 and it seems as though he has now agreed a return to line up alongside Fernando Alonso.

That would mean the end for Felipe Massa who has had eight years with the team but has largely struggled this season, currently sitting in seventh place in the drivers' world championship standings with 79 points.

Ferrari are said to have been trying to decide whether to keep Massa for another season, or replace him with either Raikknonen or Suaber driver Nico Hulkenberg.

The BBC suggests that the Italian team were looking to find a more consistent performer and it seems as though they have decided that Raikkonen is the right candidate.

Ferrari president Luca Di Montezemolo is said to have approved the move which could now be announced imminently.

Raikkonen had been linked with a move away from Lotus after seeing technical director James Allison move to Ferrari, while there have also been delays by the team in paying the drivers' salary.

In a Q&A conducted with fans on his Twitter account on Monday, Alonso refused to comment on the situation, saying: "I said yesterday to the media it's not possible for me to talk of any name for next year because I have a lot of respect for Felipe.

"We've been working very hard and close for four years to give Ferrari the maximum. Whatever decision the team will take will be good for me and we will keep working to give Ferrari the best results possible."

Ferrari had paid off Raikkonen back in 2009 when he still had one year on his contract, with the team deciding to keep Massa and let the Finn leave in order for Alonso to arrive.

The 33 year old has impressed since returning to F1 last season and this year has put in some consistent performances to leave him fourth in the standings, just 35 points behind second placed Alonso.