The Indianapolis 500 has been running since 1911 and is billed as ‘The Greatest Spectacle in Racing’.
And Alonso, who will turn 36 later this year, has admitted that he cannot become the greatest F1 driver of all time and instead wants to prove himself across different disciplines before he retires.
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“Winning in F1 is great, winning eight world championships in F1 would be great to have one more than Michael [Schumacher] but that is very, very unlikely because I don't have time to do that,” Alonso said.
“But I consider myself a racer, a complete driver adapting myself to any type of car in any conditions and the best way to show this to the world is to compete in different categories and try to win them.”
Alonso will drive for Andretti Autosport, the team run by former McLaren driver Michael Andretti, in a McLaren-branded, Honda-powered car.
Fernando Alonso will miss the Monaco Grand Prix to race in the Indy 500
The two-time F1 world champion is understood to have been allowed to miss the Monaco Grand Prix in the hope that he will agree to a new McLaren contract when his current deal expires at the end of the year.
However, Alonso has also revealed that he wants to win the 24 Hours of Le Mans and follow in the footsteps of Graham Hill, the only man to have previously won Indy 500, Monaco Grand Prix and Le Mans: motor racing’s ‘Triple Crown’.
Alonso managed the first leg when he triumphed in Monte Carlo for the first time in 2006, 34 years after Hill had completed the treble with a win in the 1972 24 Hours of Le Mans.
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Fernando Alonso will driver the Honda-powered Andretti Autosport car in the Indy 500
And the Spaniard is desperate to emulate the achievements of his racing heroes.
“I look at the old days when the best drivers in the world competed in the best races in the world, despite being in one series, they competed with each other and pursued their dreams from a young age,” Alonso added.
“The Indy 500, F1, Le Mans 24 hours are the biggest races in the world and one day I was thinking to compete and participate.
The Indy 500 circuit is basically a rectangle of which the race lasts 500 miles
“Winning is just another step forward that I was lucky enough to succeed in F1 but the other two series will be an unknown situation
“The 'Triple Crown' is probably one of the biggest challenges I can have in front of me.”
Alonso will race for McLaren at the Bahrain Grand Prix on Sunday (4pm) but is not expected to challenge at the front of the grid.
McLaren's two cars have managed just one finish between them in the first two races of the F1 season due to struggles with power and reliability from the Honda power unit.