Cyril Abiteboul, the managing director of Renault Sport Racing, added: "The signing of Fernando Alonso is part of Groupe Renault's plan to continue its commitment to F1 and to return to the top of the field".
"Renault is my family, my fondest memories in Formula 1 with my two World Championship titles, but I'm now looking ahead", said Alonso of his return.
"It's a great source of pride and with an vast emotion I'm returning to the team that gave me my chance at the start of my career", Alonso said.
The Spaniard has an illustrious history with Renault.
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He has become a two-time victor of the Le Mans 24 Hours, adding victory in 2019 to his first win in 2018, won the world endurance championship and also competed in this year's Dakar Rally.
But Alonso said he believed that new rules, originally intended for 2021 but which have been delayed until 2022 as a result of the coronavirus crisis, gave the team the chance to return to competitiveness.
Renault are struggling in the sport, but Alonso will be hoping that an overhaul in the regulations and the introduction of a £115m-a-season budget cap in 2022 will fire them back up the grid.
I can't help but think: is an F1 team better off hiring an old talent rather than investing in the future? And with 311 starts, there are just two drivers that have raced more in F1 than Alonso.
Relations were cut with the Formula 1 outfit but Alonso will still compete with McLaren Racing's IndyCar division at next month's Indianapolis 500 for his third attempt at the event. He finished runner-up in the title race three times with the famed Italian manufacturer before joining McLaren in 2015.
Alonso remained associated with McLaren in 2019, testing its vehicle in Bahrain, though an ambassadorial role expired at the end of the year.