The three-year agreement dwarfs the �30m Manchester United will receive during its four-year association with the Newbury-based company.

Vodafone's biggest ever sponsorship deal will see its brand image on the sidepod, nose and front wing of the Ferraris from 2002.

"The Vodafone colour is red - the same as Ferrari. This is a very important deal for Ferrari," said the team's president Luca di Montezemolo in Monaco.

"It is a collaboration with one of the biggest technology companies in the world. Vodafone have a presence in countries where Ferrari are very strong."

Michael Schumacher, who ended Ferrari's 21-year quest for the drivers' crown last season, and team-mate Rubens Barrichello will also display the Vodafone brand on their overalls and helmets.

The deal is a hugely significant one for Ferrari, who have won the manufacturers' title for the past two years, and confirms their status as Formula One's most glamorous and famous team.

"Vodafone believes in backing winners and Ferrari is a valuable addition to our existing successful global sponsorships," said Vodafone's chief executive Chris Gent.

"This is an exceptionally good deal for us."