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The worst kept secret in the paddock is finally official, thus completing what MotoGP fans (especially Italians) have been waiting for: Valentino Rossi signing with Ducati Corse. The nine-time World Champion and Italian celebrity is finally paired up with Italy’s most iconic motorcycling brand for the 2011 season, an action that has been the subject of intrigue not only for the better part of this season, but for years inside MotoGP.

Announcing their partnership today, Rossi and Ducati have their work cut out for them in taking-on impressive up-start Jorge Lorenzo and the formidable Yamaha YZR-M1. Press releases from Ducati & Fiat-Yamaha after the jump, along with a quote from Valentino himself.

UPDATE 3: Ducati has officially announced signing Valentino Rossi.

UPDATE 2: Ducati Motor Holdings CEO Gabriele del Torchio has confirmed that Valentino Rossi will race with Ducati in 2011.

UPDATE: Ducati & Yamaha have made a gentlemen’s agreement to delay the announcement of Rossi’s move until after Laguna Seca, in exchange for letting the Italian test the Desmosedici GP10 at the Valencian Round.

Let’s avoid the the “scoops”, “exclusives”, and “OMG’s”, and just say that Asphalt & Rubber has received word from a trusted source that Valentino Rossi has signed a two-year agreement with Ducati, that’s set to be announced on Monday…and boom goes the dynamite (sorry, we couldn’t resist). The Rossi/Ducati fantasy has been put forth for years, with the fervor on the subject reaching its pinnacle this season, as Ducati reportedly wafted a €15 million salary (almost double Yamaha’s offer) in front of the nine-time World Champion.

Likely less to do with money, and more about prestige and priority, the announcement comes on the heels of Casey Stoner’s exodus from the Ducati team, as the Australian has jumped ship back to HRC, in what is to be some sort of multinational threesome with energy drinks involved. Ok Italy, it’s almost time to change the sheets, this wet dream is nearly a reality. Stay tuned for Monday.