Renault have confirmed that they will return to Formula 1 for the 2016 season after announcing an agreement to take over the Lotus team.

Lotus boss Gerard Lopez claimed last month that the French manufacturer's buyout of his team was close to completion, and Renault themselves have now committed to the move.

The deal is not yet thought to be officially completed, but Renault said that they aim to have it finalised "in the shortest timeframe possible".

Renault chairman Carlos Ghosn told BBC Sport: "We had two options - come back 100% or leave. After a detailed study, I decided that Renault will be in F1 from 2016.

"The final details supplied by F1's main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win - even if it will take some time."

With Romain Grosjen leaving the team for Haas next season, the Renault drivers in 2016 will be Venezuelan Pastor Maldonado and British rookie Jolyon Palmer, who was the Lotus reserve driver this season.

Renault previously sold their team at the end of 2009 after deciding to quit as a constructor, but after remaining involved as an engine builder they have decided that the time is now right to return in their former role.

Renault driver Fernando Alonso won back-to-back world titles with the team in 2005 and 2006, their most recent successes in Formula 1.