Jenson Button is set to come out of retirement for “one race only” to replace Fernando Alonso at McLaren for the Monaco Grand Prix next month, while the Spaniard will be competing in the Indianapolis 500 on the same day, McLaren announced on Friday.

“I’m thrilled to be making a one-off return to Formula One racing, and I couldn’t think of a better place to make that return than my adopted home Grand Prix: Monaco,” 37-year-old Button said in a statement.

Monaco resident Button announced a sabbatical from the sport last season and gave his McLaren seat to Stoffel Vandoorne. However, the Briton is still under contract to the team.

Former world champion Button, who won the Monaco GP in 2009 on his way to the title with Brawn GP, was thrilled to return to his favourite track.

“I’m looking forward to pitting myself against the unique racing challenge that is the Monaco Grand Prix,” he said, “I’ve won the race before, in 2009, and it’s one of my all-time favourite racetracks.”

However, Button, the last driver to win a race for McLaren, back in 2012 in Brazil was realistic about his chances. “OK, I realise we won’t have a realistic chance of repeating my 2009 victory, but I think we’ll have an opportunity to score world championship points, which will be very valuable to the team in terms of constructors’ rankings,” he added.

Button will be the most experienced driver in the race as he makes his 306th start, with the Briton third in the all-time list behind the retired Rubens Barrichello and Michael Schumacher. He has also won 15 races since his debut 17 years ago with Williams.

In his brief time away from the sport, Button has been preparing for and participating in triathlons and hopes to fit to get behind the wheel in Formula One. “I’m supremely fit, having done a lot of triathlon training recently, so I have no worries on that score. And it’ll be nice to say ‘hi’ to all my old Formula One mates, too, and hopefully to give the fans something to cheer about.”

Button also wished team mate Alonso luck on his way to potential ‘Triple Crown’. “As for Fernando, I hope he not only fares well at Indy but enjoys it too,” he said.

There has been speculation around Alonso’s break from the showcase race in Monaco, given that McLaren are without a point and currently last in the Formula One constructors’ world championship after two races.

McLaren, the second most successful team in Formula One history after Ferrari have struggled in the last past races with Japanese engine-supplier Honda coming under fire. The 35-year-old Alonso is now in the final year of a three-season contract with McLaren.