Red Bull Racing will switch from Ferrari to Renault engines next season, the F1 team has confirmed.

At the same time, Red Bull-owned Toro Rosso will take over their sister team's Ferrari supply.

Red Bull had announced a deal with champions Renault in September, in addition to the existing Ferrari contract, but had yet to confirm which of their teams would use which units.

Ferrari said in a separate statement that the deal with Red Bull Racing, which had a year to run, had been terminated by mutual consent and a new two-year contract agreed with Toro Rosso with an option for one further year.

Italy-based Toro Rosso used Cosworth V10 units this year.

"We are pleased to be embarking on a new long-term relationship with Scuderia Toro Rosso," said Ferrari boss Jean Todt.

"It will allow us to strengthen our ties with the world of Italian motor sport and also to work with a team run by Gerhard Berger."

Former Ferrari driver Berger owns half of Toro Rosso, after the former Minardi team was bought last year by Austrian energy drink billionaire Dietrich Mateschitz.

Renault and Ferrari have two of the most reliable engines in F1, although both suffered rare failures in this year's title battle.

Tuesday's confirmation means the first car signed off by former McLaren designer Adrian Newey at Red Bull Racing will have an engine built by the winner of the last two constructors' championships.

Briton David Coulthard and Australian Mark Webber are Red Bull Racing's drivers for 2007 while Toro Rosso have American Scott Speed and Italian Vitantonio Liuzzi under contract.

The opening race of the 2007 season will be titled the Formula One ING Australian Grand Prix after organisers announced a three-year naming rights partnership with the financial services company yesterday. ING, who have also recently entered into a three-year deal with the F1 world champion Renault team, will be the principal sponsor for the March 15-18 event at Melbourne's Albert Park circuit. The 2006 race, won by world champion Fernando Alonso for Renault, was sponsored by drinks company Foster's.