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Rossi, one of Italy's most famous sports personalities, will race for Ducati next year on a two-year contract. He has been with Yamaha since 2004.
"I'm happy, I'm very curious and very motivated," he told reporters on Monday at the Czech circuit in Brno, scene of Sunday's Grand Prix. "This new challenge, I think, will be very interesting - especially because I think that at Yamaha my work is finished. We changed the situation from 2004 a lot. Yamaha have great riders so it looks like they don't need me any more."
Current championship leader Jorge Lorenzo of Spain also rides for Yamaha.
A vacancy at Ducati arose after Australia's Casey Stoner said last month he would be leaving for Honda next year.
Looking forward to 2011, Rossi said: "I think an Italian rider on an Italian bike is great for all the Italian fans and I think we will have a lot of cheering from all the Italian fans."
Yamaha managing director Lin Jarvis added: "Unfortunately he's finally made the choice to go and ride for Ducati next year so it was a sad day yesterday because although we've known about his decision for some weeks nevertheless when you make the final public announcement it becomes a fact."
