Rossi has won only one out of five MotoGPs race this year

The five-time world champion had been linked with a switch to Ferrari after testing with the Italian team with some success over the past 12 months.

But he said: "I will continue, at least for some time more, to race motorbikes.

"Testing with Ferrari was a fantastic experience - but I think that my work on the motorbike is not finished. I'm still very motivated."

The 27-year-old Rossi is having a hard time this season, lying eighth in the MotoGP standings after five races, and his contract with Yamaha runs out at the end of this season.

I think he's done the right thing staying at what he's good at - if he finished 10th or 12th in every F1 race what does that do to his reputation? Jenson Button

The Italian's decision to stay put saddened Ferrari driver Michael Schumacher, who also said it was "understandble because he knows what he has in his world".

"It is maybe a little bit more difficult to know the world of Formula One and how you would adapt to different circumstances," added the German.

"I think he has a lot of talent in terms of driving but it is not only in terms of driving. It is sad but that's the way it is."

World champion Fernando Alonso added: "Good, so we don't talk any more about him. After four months maybe this is the last question [about Rossi]."

Jenson Button was less hostile but still said Rossi's decision to stay on two-wheels was in the best interests of Formula One and MotoGP.

He said: "In testing he went reasonably well but he had a lot of miles in the car. If another driver got in the car and didn't go quick on day one or day two no-one would be interested. It's because of his status. "I think he's done the right thing staying at what he's good at.