Widespread rumours claiming that Spanish banking group Santander will announce that it is switching its Formula One sponsorship from McLaren to Ferrari have fuelled speculation that Fernando Alonso will also join the Italian team.

Former world champion Alonso has long been linked with a move to Ferrari. The sponsorship tie-in between the Spaniard and the Spanish banking group would be obvious. Alonso drove for McLaren when Santander began its sponsorship of the team in 2007. The bank remained with the team even when Alonso departed in acrimonious circumstances, but that arrangement is now thought to be coming to an end.

Santander's activation of its sponsorship of McLaren has won high praise, particularly in the UK, where a range of adverts featuring world champion Lewis Hamilton have been used to highlight the bank's expansion in Britain.

A press conference is scheduled for this afternoon, with executives including Ferrari president Luca di Montezemolo expected to attend.