Four-time world champion and five-times British Grand Prix winner Alain Prost is the latest F1 great confirmed to take part in Silverstone's 50th Grand Prix commemorative parades at this year's Grand Prix.

Having won the British Grand Prix five times (1983, 1985, 1989, 1990 and 1993), Prost is the most successful Formula 1 driver ever to have raced at Silverstone. His record is equalled only by the great Jim Clark, whose British Grand Prix wins were split between Silverstone (1963, 1965, 1967), Aintree (1962) and Brands Hatch (1964).

The parades will take place on all three days of this year's event, celebrating Silverstone's 50th Grand Prix in style, as a host of motor sport greats lap the Grand Prix Circuit in cars that have helped shaped history at the famous Northamptonshire Circuit.

Prost will drive the Red Bull RB8, which was driven to victory at the 2012 British Grand Prix by Mark Webber, his second win at Silverstone. The RB8 went on to win Infiniti Red Bull Racing and Renault's third Constructors' World Championship that year, while Sebastian Vettel drove it to secure his third Driver's Championship.

World Champion in 1985, 1986, 1989 and 1993, Prost drove in 199 races during an illustrious career, winning 51 Grands Prix, achieving 106 podium finishes and securing Pole Position 33 times. During his 13 seasons in the sport he drove for McLaren, Renault and Ferrari, before ending his career with Williams in 1993 when he secured his fourth and final World Championship.

"Silverstone has always been one of my favourite tracks and I have a lot of good memories there," said Prost. "The first time I won in 1983 with the Renault it was a very special feeling. The crowd was so loud - you could really hear their passion, even over the roar of those turbo engines!

"I was lucky enough to win another four races there and each time I was really touched by the support. British fans love their motorsport! This is one of the few things that has not changed in the 20 years since I last drove at Silverstone and I am genuinely looking forward to experiencing it one more time."

The 'Silverstone50' parades are scheduled to take place on all three days of the British Grand Prix at the following times: Friday 04 July - 12:50-13:05; Saturday 05 July - 12:05-12:20; and Sunday 06 July - 11:10-11:25. Timings are provisional and subject to change.

Other legendary cars and drivers confirmed to take part in the 50th Grand Prix parades include:

Sir Jackie Stewart, driving his 1969 British Grand Prix winning Matra MS80

Rubens Barrichello, driving the Williams FW07B, a tribute to the 1979 British Grand Prix winning Williams FW07

David Brabham, driving his late father Sir Jack Brabham's 1960 British Grand Prix winning Cooper Climax T53

Dario Franchitti in Jim Clark's 1963 British Grand Prix winning Lotus 25

Adrian Newey who will drive Ronnie Peterson's March 711 from 1971

Further drivers and cars will be announced in due course.

Tickets for the event are available from £65pp and are on sale 24 hours a day, seven days a week at silverstone.co.uk