In a highly anticipated move, despite the recent speculation surrounding Mick Schumacher who is now poised to join Haas, the decision means Raikkonen and Giovinazzi continue into a third season with the team.
For Raikkonen, it means he is set to extend the race-start record he recently set beyond 350 grands prix should F1 have a 23-race calendar next season as desired.
Raikkonen said: “Alfa Romeo Racing is more than a team to me, it is like a second family.
"So many of the faces that were around me when I made my Formula One debut in 2001 are still here and the unique atmosphere of this team is what gives me that extra motivation to keep going in what will be my 19th season in the sport, next year.
"I wouldn’t be here if I didn’t believe in the team’s project and in what we feel we can achieve together This is a team that values hard work over words and this fits well with my style.
"I am looking forward to next year and hopefully making some steps forward towards the front of the midfield with the team.”
For 26-year-old Italian Giovinazzi, the hope from the team is that he is able "to continue on the path of improvement that has so far defined his first two years in the sport".
Giovinazzi said: “Alfa Romeo Racing has been my home in Formula One for the last two seasons and I am happy this relationship can continue for one more year.
"The team has put a lot of faith in me and I have done my best to repay this confidence with hard work and commitment.
"We have achieved some good results and I feel I have done my part to make the team progress, but the road ahead is still long and there is much more we want to achieve together.
"There will be a lot of continuity between this season and the next one, so everything we work on between now and the end of the year will already count for next, and we are ready to give it all we have.”
Team principal Fred Vasseur has naturally expressed his delight at having Raikkonen and Giovinazzi on board for another season.
"Kimi is a driver who needs no introduction," said Vasseur. "His talent has been clear to everyone since 2001 and I still see the passion and motivation in him every time I see him at work.
"He can be trusted to deliver 100% of what the car can produce and he is a true leader for the people working around him.
"Antonio finished last year’s campaign strongly and he picked up where he left off and kept improving throughout 2020.
"From the track to the engineering briefings, Antonio has played a crucial role for our team and he has thoroughly deserved a new contract for 2021.
"His work ethic, commitment to the team and contagious enthusiasm are a huge asset for Alfa Romeo Racing.”
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