The new cap designs were modelled by Fernando Alonso (pictured) and Felipe Massa on the first day of the postponed Wrooom sponsorship and media event at the Madonna di Campiglio ski resort in the Italian Alps.
The 2010 team caps had featured the sponsorship logos of the Abu Dhabi-based Mubadala organisation.
It is widely expected that Santander will start to wind down its sponsorship of the McLaren outfit, after it had joined the team in 2007 when Alonso had his short-lived stint at the Woking outfit.
Santander was also crucial in leveraging Alonso joining Ferrari from Renault ahead of the 2010 season, where it is believed that they helped to pay out the contract of Kimi Räikkönen (the man Alonso replaced).
Reports from the European press also claim that Santander will continue its race title sponsorship of the British, German and Italian Grands Prix in 2011, while also continuing to have a significant trackside advertising presence at both Spanish rounds at Barcelona and Valencia, as well as at the Brazilian Grand Prix.