Toyota's Formula One team have confirmed long reported rumors that Ralf Schumacher will join the team in 2005.

Schumacher has agreed to a three year contract with the third year F1 team, however, no financial terms were announced.

Earlier published reports had Schumacher agreeing to a five year deal worth as much as $110-million US, but Toyota officials would only say that the amounts reported in the media are "largely overestimated".

Schumacher is believed to be earning as much as $22-million in his final year with BMW-Williams.


"(Ralf) has proven himself to be an extremely quick racing driver in his career, and I am sure that his vast experience will be extremely beneficial to our team," said Panasonic Toyota Racing Team Principal Tsutomu Tomita, who added that they hope Schumacher will be able to test for them shortly after the Brazilian Grand Prix.

As for who will ride alongside the German, Tomita said that decision will be made towards the end of the season.

"We have not finalised who will partner Ralf in 2005, and this is something we are in no rush to decide on."

Toyota says both Cristiano da Matta and Olivier Panis will be considered for the second seat in 2005.

Toyota also have test driver Ricardo Zonta, who previously drove for BAR-Honda, and Ryan Briscoe, who is highly regarded within Toyota management.

Toyota says it will not comment on any speculation or rumours surrounding the remaining race seat until all contractual issues have been finalised.