Formula One is to return to BBC television from the beginning of next year, signalling the end of a 12-year stint on ITV and almost certainly wholesale changes in commentary personnel.

The BBC lost its rights to Formula One after the 1996 season but, following an approach from the sport's ringmaster Bernie Ecclestone, the Corporation has now signed a television rights deal for five years to go alongside its exclusive rights to radio, mobile and internet broadcasting of the sport.

It appears that Ecclestone decided to exercise an option to cancel his contract with ITV two years before it was due to end and has put his faith in the BBC. It is not known what the consequences will be for the ITV commentary team but there was immediate speculation in Formula One circles that several key players will be replaced.

Among those most likely not to make the switch to the BBC are the lead commentator James Allen and the pitlane reporter Louise Goodman. However the summariser and former racing driver Martin Brundle is thought likely to stay on and work with a new man from the BBC. Among the names in the hat from the BBC for that role are David Croft, the current Formula One commentator on BBC Radio Five Live and his predecessor, Jonathan Legard, who now covers football for Radio Five. Another possibility is that Brundle himself takes over the main commentary role and works alongside a new summariser.

Commenting on the new deal, Ecclestone who is in Kuala Lumpur for the Malaysian Grand Prix on Sunday, said: "I am delighted to conclude this new deal with the BBC. It is an exciting time in Formula One and the BBC has some innovative new ideas to consolidate and expand our UK fan base."

Dominic Coles, BBC Sport Director of Sport Rights, said: "The biggest motorsporting event in the world is returning home after 12 years. We were delighted when Bernie Ecclestone approached us about the return of F1 to the BBC. Formula One is a crown jewel of sports broadcasting, so to bring the rights back to their traditional home from 2009 is tremendously exciting."

"Fans will be able to enjoy uninterrupted, state of the art and innovative coverage from BBC Sport, across all of our TV, radio and new media platforms, for the first time since 1996," added Cole.

One intriguing detail is whether or not the BBC will bring back its ever-popular traditional theme tune for its Formula One programmes, The Chain, by Fleetwood Mac. A straw in the wind came last season when Radio Five Live used it for its coverage of the European Grand Prix at the Nurburgring in Germany when veteran commentator Murray Walker returned for one race.