Pirelli have been selected by FOTA and Bernie Ecclestone to be the sole tyre supplier from 2011.
The deal is initially for 3 seasons with each team paying 1 million Euros per season.
The rim size will remain at 13 inches with low profile 18 inch rims being introduced at a later date.
Only 3 compounds will be produced; soft, medium and hard.
Michelin, Avon, Kumho and Hankook were the other suppliers bidding for the contract.
The deal is initially for 3 seasons with each team paying 1 million Euros per season.
The rim size will remain at 13 inches with low profile 18 inch rims being introduced at a later date.
Only 3 compounds will be produced; soft, medium and hard.
Michelin, Avon, Kumho and Hankook were the other suppliers bidding for the contract.