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Lance Armstrong confirmed he will compete for at least one more year Thursday when his future team announced their imminent partnership with the seven-time Tour de France champion.

RadioShack Corporation said they were “proud to announce a partnership with seven-time Tour de France winner Lance Armstrong to form a new American Pro-Tour cycling team”.

It effectively confirms rumors about the imminent departure of Armstrong from his current team, Astana.

However, in what appears to be a new concept for the cycling icon, the company said Armstrong would “compete for Team RadioShack as a cyclist, runner and triathlete” in events around the world, including the 2010 Tour de France.

Armstrong is currently racing the Tour de France here having returned to the sport in January 2009 following a three-and-a-half year hiatus.

In Thursday’s stage 18 time trial Armstrong finished in 16th place at 1min 30sec behind Astana teammate Alberto Contador.

The 37-year-old American is now third overall in the race but at 5:25 behind Contador ahead of Saturday’s 20th stage, which finishes on the summit of Mont Ventoux, the American has virtually no chance of overtaking the Spaniard.

Armstrong, who successfully battled cancer in 1998 to return to cycling and win the first of seven consecutive yellow jerseys in 1999, said the fight against the disease through his Livestrong Foundation would remain a priority.

Livestrong has helped to step up awareness, grassroots action and fundraising in the global fight against cancer.

“This has been a great season so far – the response in the countries we’ve been to has been amazing and it’s clear now that this was the right choice,” said Armstrong in the statement.

“Utilizing the massive media attention that the sport receives has been the perfect vehicle to help spread the Livestrong message around the world.

“To be able to compete for an American team comprised of the world’s top cyclists, supported by the best coaches and staff – I couldn’t be happier to partner with RadioShack, a truly iconic American brand,” added Armstrong.

RadioShack is a specialist retailer in consumer electronics with thousands of stores across the United States and Mexico.

Lee Applbaum, RadioShack’s Chief Marketing Officer said: “As one of the greatest athletes of our generation, a father, a cancer survivor, and a tireless advocate in the fight against cancer, Lance Armstrong understands the power of keeping people connected and that’s why we feel he’s the perfect partner for our brand.”