Italy's [Images] tax agency is investigating former world motorcycling champion Valentino Rossi [Images] for suspected tax evasion, an agency spokesman said on Wednesday.

The spokesman said the agency was examining possible tax evasion on undeclared revenues of 60 million euros from 2000 to 2004.

The investigation is linked to Rossi's decision in 2000 to take up residence in Britain to take advantage of favourable tax conditions.

"The tax agency is rightly doing its job," Rossi said in a statement released through Italian news service ANSA. "My consultants are already examining the issue.

"Everybody in the world knows I have lived in London [Images], an extraordinary city, since 2000. Naturally I go back to Italy to see my family, friends and to take holidays."

The Yamaha rider, a sporting hero in Italy, won the 125cc world championship in 1997, the 250cc title in 1999 and the 500cc crown in 2001 before bagging four MotoGP titles from 2002-2005.

However, the 28-year-old lost out to American Nicky Hayden in 2006 and is second in the 2007 standings behind Casey Stoner of Australia with seven races left.

The next MotoGP is in the Czech Republic on Aug. 19.