Williams will re-unite with former engine supplier Renault in 2012.
The team announced the deal to the press just an hour after telling its staff in the team’s factory.
It covers the next two seasons, during which time the V8 engine will be used, and discussions are already underway on 2014 and beyond, when the F1 engine rules will change.
Rubens Barrichello said he hopes to remain with the team next year to drive the new car and engine.
He said: “I was employed by the team to bring them back to the very front. This partnership will make it much easier.”
Barrichello said he had high expectations of Renault’s RS27 V8 engine: “I’ve been following it on the track and it seems very good!”
Patrick Head said that switching to Renault would remove any doubt about the performance of their engine, as they would be using the same unit as world championship leaders Red Bull.
Williams previously used Renault engines between 1989 and 1997, in which time they won five constructors’ titles and their drivers won the championship on four occasions.
Frank Williams said: “We are delighted and excited by our new partnership with Renault. This reunites the F1 team with a leading car manufacturer and complements our new relationship with Jaguar.
“At the same time, we are grateful to Cosworth: they have been a fair and reliable partner both on and off the track for the past two years and we look forward to working with them across our business in the future.
“Our previous relationship with Renault was one of the most successful in Williams?óÔéĽÔäó history but we will not allow ourselves to dwell too much on the past.
“We must look to the future and continue to re-build our on-track reputation, which I am hopeful that today?óÔéĽÔäós announcement will help us to do.”
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Image ?é?® Williams/LAT