The Italian Grand Prix will remain at Monza for at least another three years.

The historic circuit has announced a new deal with Formula One worth nearly €70 million.

The Italian Grand Prix was first held at Monza in 1921 and is the oldest race on the calendar.

It is one of four Grand Prix, along with the British, Monaco and Belgian ones, that were part of the inaugural Formula 1 championship in 1950 that are still on the calendar.

Only once in the F1 era has Monza not been the host of the Italian Grand Prix. In 1980, Imola in San Marino (the racetrack where Ayrton Senna and Roland Ratzenberger lost their lives in 1994) held the race as Monza was being refurbished.

Michael Schuamcher has the most wins at Monza with five victories, all with home favourites Ferrari, while Sebastian Vettel and Lewis Hamilton with three each are the current drivers with the most wins at the circuit.

The 2016 drivers champion Nico Rosberg won this year's edition of the Grand Prix.

"We have avoided the possibility that, after 70 years, Italy could lose the most prestigious, historic and fascinating automobile races in the world," said the head of the Italian motorsport federation Angelo Sticchi Damiani as Monza's renewal was confirmed.