Williams are to reunite with engine manufacturer Renault as they seek to recapture the success of their glorious past together.

After floundering for a season and a half with Cosworth, Williams have taken a positive step by signing a two-year contract with Renault to develop a chassis as well as engines, with the deal to begin from next season.

The agreement sees the two partners join forces again after what will be a 15-year break, in which time Williams have used five different engine suppliers, including Cosworth on two separate occasions.

It was during an eight-year period, from 1989 to 1997, that Williams and Renault were a powerhouse in Formula One, winning four Drivers' titles with Nigel Mansell, Alain Prost, Damon Hill and Jacques Villeneuve, five Constructors' titles and 63 grands prix.

Team principal Frank Williams said: "We are delighted and excited by our new partnership with Renault.

"This reunites the F1 team with a leading car manufacturer. Our previous relationship with Renault was one of the most successful in Williams' history, but we will not allow ourselves to dwell too much on the past.

"We must look to the future and continue to rebuild our on-track reputation, which I am hopeful that today's announcement will help us to do."

It means from next year Renault will supply four teams on the F1 grid, with Williams joining their portfolio along with reigning Champions Red Bull, Team Lotus and Renault.

Renault Sport F1 president Bernard Rey said: "Renault remains in Formula One to achieve success in a cost-efficient way.

"The partnership with Williams has great potential to add to the results we have notched up over recent years with our other partner teams.

"Williams has recently taken several important steps, both commercially and technically, to update its operations and we feel this partnership is another in its rigorous plan.

"It reiterates how determined the team is to achieve results, which matches perfectly with our own objectives.

"From 2012 onwards the fact that we will have four partners puts us ahead of other engine manufacturers in terms of market share.

"But off track it will also enable us to further use F1 as a marketing platform for our parent company, Renault, to try to bring a bit of this association to our fans and customers worldwide.

"Of course, there's also great pride in reviving the Williams-Renault name.

"Together, we produced racing cars that are recognised for their technical innovation and it is still Renault's most successful period in F1 to date.

"It's a hugely exciting opportunity for both Renault and Williams."

Beyond 2013, when the new engine regulations come into force, there is the possibility of extending the deal.