Sauber will continue with Ferrari power in Formula One, having called off a switch to Honda to sign a "multi-year agreement" with the Italian constructor.

Ferrari engines have powered Sauber since 2010, with mixed results as the Swiss squad have battled financial insecurity - however fresh investment in the team was followed up in April by a proposed switch to Honda power units from the 2018 campaign.

The Japanese manufacturer has endured a miserable return to the sport with McLaren, however, prompting Sauber to stay put with the Scuderia. McLaren are also reported to be on the lookout for a new engine partner.

Team principal Frederic Vasseur said in a statement: "The shared experience between the Sauber F1 Team and Ferrari has built a strong foundation, which will allow us to move forward swiftly and efficiently, also in terms of the development of the 2018 car. 

"I am convinced that together we can achieve the results which reflect the passion and determination that is, and always has been, behind the Sauber F1 Team."

It has been mooted that Sauber sticking with Ferrari could form a pathway for the Scuderia's junior drivers into F1.

Antonio Giovinazzi stood in for the injured Pascal Wehrlein in Australia and China this year, while F2 championship leader Charles Leclerc is turning heads amid a stunning debut campaign in the junior category, topping the standings by 67 points after six events.