On the day of the launch of the famous Italian team's new F2012 car, Europa Press news agency reports that the three-year contract extension will now push the existing Santander deal through to the end of 2017.
The report said the new deal involves increased signage on the car's livery, whilst Santander continues to sponsor the Italian, British, German and Spanish grands prix.
The bank's chairman Emilio Botin said on Friday he is "delighted".
"Our sponsorship with Ferrari is the best marketing operation in the 150 year history of the bank," he said.
