Though no official word is out, numerous media sources across Europe say that Pirelli has been selected as the sole tire supplier for Formula One.

If true, the tire deal with Pirelli would start with the 2011 season and presumably last for three years.

Both Autosprint and Italiaracing magazines reported that the deal was done, and Pirelli was chosen by F1 teams and F1 chief Bernie Ecclestone.

Autosprint said Pirelli will be paid 1 million euros per team per season in 2011, 2012 and 2013, and Pirelli would produce three compounds for each race – soft, medium and hard. Bridgestone, the current sole tire supplier, produces just two race compounds.

Michelin was said to be the only remaining candidate after bids by Cooper Avon and Kumho were dismissed by F1, and late attempts to convince Bridgestone to remain in the series failed.

When Tyres & Accessories contacted Pirelli motorsport director Paul Hembery, he commented that, “a decision one way or the other will be made by this weekend’s F1 event in Istanbul.”