As F1 waits on confirmation in Singapore that McLaren are ending their torrid Honda partnership, Hamilton says F1 will be the victor if Alonso, who is expected to stay on at Woking, has a more competitive car-engine package next season.
The 36-year-old was forced to retire in the Italian Grand Prix two weeks ago (3 September).
"Scuderia Toro Rosso is pleased to announce that it has reached a multi-year agreement with Honda Motor Co".
With Alonso likely staying at McLaren, Renault is expected to sign Spanish driver Carlos Sainz Jr. from Toro Rosso as a replacement for British driver Jolyon Palmer, who has failed to score a point this season.
Another factor in the decision could be that Toro Rosso, the junior Red Bull team, has left Renault to join McLaren's outgoing engine partner, Honda.
It's understood that Renault, which powered Red Bull to successive titles - with little acknowledgement - has grown exhausted of the continued criticism from the Austrian team.
Instead, McLaren will reportedly be using Renault power units at the start of the next season with the McLaren-Renault deal lasting until 2020.
Fernando Alonso has been particularly vocal in his annoyance with the Honda engine this year.
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"We want to see the best drivers and the best teams up there and it's been a shame not to have McLaren where they have historically have been".
"I hope that he has got a auto to fight with us next year, I think that only adds to the spectacle and the challenge", said Hamilton.
By putting Honda engines in its sister team, Red Bull had an opportunity to see how Honda would progress while still having Renault to lean on if the Japanese engines continued to prove uncompetitive.
"We're convinced that we can bring real value to Renault Sport Racing as we work alongside it to develop this current power unit into a regular race victor".
After repeatedly and publicly criticizing Renault throughout 2014 and 2015, Red Bull nearly found itself out of an engine for 2016.
"We pay a hell of a lot of money for the engine", Horner said after last month's Belgian GP.
Championship leader Lewis Hamilton, who is seeking his third successive victory, was fourth behind Ricciardo's team mate Max Verstappen. This year, they are on course to finish a lowly ninth in the Constructors' Championship for the second time in the three years of their Honda partnership. Moving from one under-performing engine to the most unreliable one on the grid is hardly an enticing prospect for two of the most highly-rated drivers in F1.
Alonso made it clear he aims to stay in F1 but only in a competitive auto.
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