[Acidreign]

LONDON, March 5 (Reuters) - Italian carmaker Fiat have agreed a two-year deal to be title sponsor of Valentino Rossi's Yamaha MotoGP team, the Japanese manufacturer announced on Monday.

Yamaha said at an official launch in Milan that the team will be known as the Fiat Yamaha team.

Rossi, who last year ruled out a switch to Formula One with Fiat-owned Ferrari after testing with that team, had already announced that he will be staying with Yamaha until the end of the 2008 season.

"It's a new start for us -- a new bike, a new sponsor and a new challenge as we try to win back the title," said team director Davide Brivio in a statement.

The season starts in Qatar on Saturday with Rossi eager to regain the title that he lost to American Honda rival Nicky Hayden last year.

(Reporting by Alan Baldwin, editing by Alison Wildey, London Sports Desk; Reuters Messaging)