Former Ferrari team principal Stefano Domenicali has been confirmed as Formula One's new president and chief executive.

Italian Domenicali, 55, will take up the role in January when Chase Carey steps down from his position at the end of the year.

American Carey, who succeeded Bernie Ecclestone in 2017, is set to become non-executive chairman in order to smooth over the transition process. He is expected to return to America.

The development was communicated to the teams earlier this week by Greg Maffei, CEO of Liberty Media, the American conglomerate which bought F1 for £6.4billion four years ago.

It is unclear what impact Domenicali's hiring will have on Ross Brawn's future as the sport's motorsport boss.

"I am thrilled to join the Formula One organisation, a sport that has always been part of my life," said Domenicali.

"I was born in Imola and live in Monza. I look forward to connecting with the teams, promoters, sponsors and many partners in Formula One as we continue to drive the business ahead."

Domenicali was in charge of Ferrari when they won their last constructors' championship in 2008, but he left the Italian team six years later before heading up Lamborghini.

Mercedes boss Toto Wolff, Red Bull team principal Christian Horner and Alejandro Agag, founder of the all-electric championship Formula E, had all been linked with replacing Carey.

"It has been an honour to lead Formula One, a truly global sport with a storied past over the last seventy years," said Carey.

"I'm proud of the team that's not only navigated through an immensely challenging 2020 but returned with added purpose and determination in the areas of sustainability, diversity and inclusion.

"I'm confident that we've built the strong foundation for the business to grow over the long term.

"It's been an adventure and I've enjoyed working with the teams, the FIA and all of our partners. I look forward to staying involved and supporting Stefano as he takes the wheel."