June 24, 2011 -- Updated 1801 GMT (0201 HKT)
Fernando Alonso has been crowned world champion twice in his career, in 2005 and 2006 while at Renault.
(CNN) -- Ferrari's Fernando Alonso gave the home fans reason to cheer in Valencia, as the Spaniard recorded the fastest time in Friday practice ahead of the European Grand Prix.
The 29-year-old lapped the street circuit in one minute 37.968 seconds to beat McLaren's Lewis Hamilton into second place, with reigning world champion Sebastian Vettel third fastest for Red Bull.
"The car seems to handle well, therefore we can tackle qualifying with confidence, aware that we are up against very strong rivals," two-time world champion Alonso told Formula One's official web site.
"It's not by chance that Red Bull have taken pole in the first seven races of the year and clearly they are still the favorites."
Vettel has claimed maximum points in five of the season's opening seven rounds and won the corresponding race in 2010, but the German has predicted a close contest this weekend.
"We had a good race here last year, but it was close with Lewis and Fernando," the 23-year-old said. "It's changing from race to race, but let's see."
Hamilton will be hoping for a good weekend after the Briton crashed out of the Canadian Grand Prix on June 12. The 2008 world champion was satisfied with his car's performance, but said improvements can still be made.
"There are still plenty of improvements we can make to the car. We need to work on the balance, it's not a million miles away, but it could be better," the 26-year-old Englishman said.
"We're definitely in the fight, which is the important thing. I think we've got some more pace up our sleeves for the rest of the weekend too."
Hamilton's teammate Jenson Button clinched a dramatic last-gasp victory in Montreal last time out, but the 31-year-old was only sixth fastest around the port city.
Mercedes' seven-time world champion Michael Schumacher finished fourth in Canada and he replicated that form in practice, one place ahead of Alonso's Ferrari colleague Felipe Massa.
Valencia has been the home of the European Grand Prix since 2008, when it took over from Germany's Nurburgring. Qualifying will take place on Saturday ahead of Sunday's race.
Credit: CNN (www.cnn.com)
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