Changing lanes then changing channels ... F1 returns to the Beeb after 12-year absence

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The announcement marks the return of the sport to BBC screens for the first time since 1996, when ITV moved onto the starting grid.

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What side am I on? Lewis Hamilton tries to snatch a look at a screen

The big draw is Britain's Lewis Hamilton,who finished second in the world championship in 2007 and last Sunday won the opening round of this year's title chase in Australia.

It is understood the BBC could be paying Bernie Ecclestone's Formula One Administration company up to £150million for a deal which will see races feature on the BBC Sport website as well as on TV and radio.

Ecclestone said: "It is an exciting time and the BBC has some innovative new ideas to consolidate and expand our UK fan base."

Commentator Murray Walker, 84, and the iconic theme tune The Chain are set to play their part as the BBC attempts to revive a golden era of Grand Prix broadcasting. Walker is expected to make guest appearances behind the microphone at races such as the British Grand Prix.

He said: "I'm flabbergasted. I was lying in bed listening to the news this morning and I almost fell out of bed when I heard. It's an amazing development."

ITV snatched F1 away from the BBC for the 1997 season.

While their coverage gained industry awards it never won the hearts of die-hard motor racing fans irritated by up to five three-minute commercial breaks during every race.

ITV were censured by regulator Ofcom in 2005 after they ran adverts during a tense conclusion to the San Marino Grand Prix and were forced to repeat the last three laps after the race had finished.

More recently, the standard of commentating was criticised by Honda technical genius Ross Brawn.

He said: "Our commentators don't seem very good at conveying what is going on."

Ecclestone added: "The BBC will be able to service us an awful lot better. It will be a fresh face."

Roger Mosey, BBC director of sport, hinted that Jeremy Clarkson and the Top Gear crew might become involved with coverage.