Fiat Chrysler could bring the Alfa Romeo brand back to Formula One as a competitor to Ferrari, chief executive Sergio Marchionne said.

“It’s incredible how the Alfa marque remains in people’s hearts,” Marchionne, who is also Ferrari president, told reporters at Maranello.

“For that very reason we are thinking about bringing it back, as our competitor, to racing, to Formula One. It’s important for Alfa to return.”

Ferrari’s red cars have carried Alfa Romeo branding already this season.

There were also discussions with Red Bull about possibly using Ferrari engines with Alfa Romeo branding next year.

Red Bull ultimately decided to continue with an engine provided by Renault.

Ferrari are due to supply three non-works teams – Swiss-based Sauber, American newcomers Haas and Red Bull-owned Toro Rosso – with their power unit next season, although the latter outfit will use a 2015 version.

Ferrari’s late founder Enzo Ferrari started out racing and managing a team for Alfa Romeo before setting up on his own in the late 1930s.

The first two Formula One World Championships in 1950 and 1951 were won by Italian Giuseppe ‘Nino’ Farina and Argentine Juan Manuel Fangio in Alfa Romeo cars.