The former Ferrari team principal, who left Maranello in 2014 after a 23-year career with the Scuderia, succeeds Stephan Winkelman at the helm of the Volkswagen Group-owned brand.

Winkelmann had been the President since 2005. The German will be staying in the VW Group and takes over the growing Quattro GmbH business in Neckarsulm, Germany.

Lamborghini last raced as a constructor in F1 back in 1991 with the Team Modena outfit which ran Nicola Larini and Eric van de Poele. The company went on to supply V12 engines to Larousse and Minardi until the end of 1993.

After that, the Italian concern, which was acquired by the VW Group in 1998 and put under the control of Audi, has concentrated on GT racing and last year unveiled the new Lamborghini Huracan GT3 model.

Since then the brand has been revitalised with sales having risen from 1,600 units per year to over 2,500 last year.

Domenicali joined Audi in late 2014, and is believed to have been tasked with a feasibility study for a potential future F1 programme.

The 50 year-old Italian will formerly take up his position as president and CEO on March 15th.