Mattia Binotto, who has been out of the sport for a full year following his firing at Ferrari, will not be returning to Formula 1 for now.

La Gazzetta dello Sport says the former team boss at Maranello has been snapped up by an Italian car components company called Texa, based not far from Venice.

"He will coordinate the design, production and supply of components related to the electrification of high-performance sports cars," the Italian sports newspaper explained.

Binotto, a renowned engineer who worked his way to the top of Ferrari's fabled F1 team over several decades, was also appointed to Texa's board of directors - with an official title as managing director.

"Beyond the competitive experience that I have always had in my life," Binotto explained, "what attracted me to Texa was the strategic audacity of its project to build Italian excellence in the most advanced technologies of new mobility."