Alonso won the driving title with Renault in 2005 and 2006, but spent a turbulent year last season with McLaren. The Spaniard left the British-based team after being released from his three-year contract and returned to Renault.
Team boss Flavio Briatore said having Alonso back is fantastic. The 26-year-old Spaniard will team with Brazilian Nelson Piquet, Junior. The 22-year-old Piquet is a former test driver for the French manufacturer.
Team president Carlos Ghosn said his team wants to win the title this year after a disappointing 2007. Renault failed to win a race in 2007, and scored only 51 points in the manufacturer's standings.
The French squad would have been fourth in the standings if McLaren had not been stripped of its points for spying on Ferrari. The Italian team won the manufacturer's title and its driver Kimi Raikkonen of Finland won the driving crown.
Some information for this report was provided by AFP, AP and Reuters.