The Spanish former double world champion, who is often linked with the famous Maranello based team, could even switch to Ferrari in 2010 as an early replacement for Kimi Raikkonen, who performed disappointingly last season, the newspaper claimed.
Gazzetta said the agreement with 27-year-old Alonso is quite open, with numerous two-sided exit clauses, but that if fully exercised could see the driver race at Ferrari until the end of 2014.
A Ferrari spokesman said only: "We can only repeat that we have two drivers signed to the end of 2010."
Alonso's current Renault contract also runs for two more years.
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