The Italian tire manufacturer had partnered with Formula One since 2011, and the current deal was to expire in 2019.
"We are delighted to have reached this agreement, which guarantees a long-term stable future for such a crucial component of Formula One," Formula One chairman and CEO Chase Carey said in a statement, reports Efe news.
Pirelli said in a statement that it had prevailed over Korean manufacturer Hankook during negotiations with Formula One while "hammering out a commercial proposal" over the last three months.
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