Alonso ties with Renault: Reports

A spanish newspaper claims that Fernando Alonso is all set to agree the Renault deal for 2008 season. The deal makes him the highest paid in Formula one overtaking the current world champion Kimi Raikkonen of Ferrari.

Brazilian rookie Nelson Piquet Jr will be his team-mate, while Alonso's initially two-year contract - estimated at $50m per season - will assign him minimal sponsor commitments, contain an 'exit' clause, as well as clear number one status.