Image 1 of 2 Fabian Cancellara (RadioShack Leopard) is set to announce his team plans for the coming season whilst racing at the Tour of Austria (Image credit: Mario Stiehl) Image 2 of 2 Fabian Cancellara (Team Radioshack Leopard) (Image credit: Bettini Photo)

Fabian Cancellara has signed a three-year contract with the revamped Trek team, according to a report in Swiss newspaper Blick. Last week, it was confirmed that Trek has purchased RadioShack-Leopard’s WorldTour licence for 2014 from Flavio Becca.

The new deal is estimated to be worth four million Swiss francs per year and would keep Cancellara with Trek until the end of the 2016 season. Blick also reports that Cancellara has reached an agreement to continue his association with Trek after the end of his racing career. Cancellara later confirmed the news.

"There was a lot of speculation around my professional future in the last couple of weeks - even months,” Cancellara said in a press release. “That's why I'm really happy to confirm that I will stay with the Trek family. Trek has been very close to me over the last three years, for example in the development of the Domane. This is a big opportunity for me as a bike rider and it will allow me to develop even more on the sporting side. Because that's what I'm in for: winning bike races, not sitting out until I retire. I'm motivated to get the maximum out of my career and I'm really proud it's going to be on a Trek!"

Current RadioShack manager Luca Guercilena will continue as general manager of the Trek squad, and it was announced last week that Trek would look to “conserve a large part of the existing roster,” although Blick notes that the team is seeking to lower Andy and Fränk Schleck’s salaries significantly.

After dominating the cobbled classics, Cancellara has this year opted to sit out the Tour de France for the first time since 2006. The world championships road race in Florence is the centrepiece of the second half of Cancellara’s season, and he continues his gradual build-up to September by riding the Tour of Austria, which got underway on Sunday.

“This race is very important for me. I need to race to get in shape,” said Cancellara. “Even smaller races deserve to have big names at the start.”