The series will be limited to just 1,947 handsets, in a homage to 1947, the year Ferrari first began producing its world famous cars.
The Vertu Ascent Ferrari 1947 Limited Edition series will be sold in selected stores from July, for around €6,000 (£4,000).
The limited edition phones have been encased in the same red and black leather Ferrari uses in its cars, while the reverse of the phone features a scaled down version of a Ferrari brake pedal made from the original materials.
Alberto Torres, Vertu president, said: "I feel there are many reasons why it's right for Vertu and Ferrari to be working together. We share many customers in common. Over the past few months it has been a pleasure to meet many Ferrari owners and find out during our conversations they already own a Vertu.
"But most important of all, Ferrari and Vertu share a common commitment to the highest standards of design, engineering and performance."
Launched in 2002, Vertu is the only manufacturer of high-grade luxury mobile phone handsets in the world.
The handsets, which take a week to produce at the company's UK headquarters in Hampshire, are assembled by hand and sold in jewellery shops and department stores in 48 countries.
One of Vertu's unique selling points is its exclusive concierge service, which offers customers personal assistance 24 hours a day at the press of a button.
Vertu's tie-up with Ferrari is part of a wider partnership, with the phone handset maker sponsoring two Ferrari motor racing cars under the Team Vertu Racing banner.