A formal agreement has finally been reached between HRT and Toyota Motorsport, according to a German media source.

A formal agreement has finally been reached between HRT and Toyota Motorsport, according to a German media source.

Auto Bild claims that after long negotiations, officials of the struggling Spanish team - now with the financial backing of former Telefonica president Juan Villalonga - have inked a deal with Cologne based Toyota.

The details of the arrangement are not known, but it is expected to involve the use of the design of the TF110 car, which was penned last year but never raced because Toyota's Japanese parent pulled out of F1.

It is believed the car has been further developed in recent months to keep it up to date with its potential competitors.

HRT has already agreed to use Williams' gearbox in 2011.

HRT and Toyota agree car deal for 2011 - report