The flamboyant MotoGP champion had been linked with a four-wheeled switch to Ferrari, but he has reportedly now told the Italian team that he will categorically remain on the saddle of a motorcycle at least for now.
The news is yet another piece of the puzzle about Ferrari's 2007 line-up, with Michael Schumacher and Kimi Raikkonen looking increasingly like a safe bet.
''My friends at Ferrari gave me the chance to learn about formula one and it was a wonderful experience,'' Rossi, 27, was quoted as saying in a statement translated from Italian.
''I thank them.''
He added: ''However, for the foreseeable future, I will be in MotoGP, as my work on motorbikes is not over yet.
''I am continuing here as I still have many goals.''
05/23/06 Sources very close to MotoGP world champion Valentino Rossi say that the reigning world champion won't be racing F1 next season after all. Sources say that Rossi and his manager informed Ferrari Corse yesterday that he has decided to race MotoGP in 2007.