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Catalyst for the polymerization of conjugated dienes which comprises the reaction product of a complex of a rare earth metal with an aluminum halide in an aromatic solvent and a solid support comprising at least one metal oxide. The complex is of formula M(Ar)(AlX4)3, M = a rare earth metal with atomic number 57-71 in the periodic table; Ar = an aromatic hydrocarbon solvent; X = F, Cl, Br, I An Independent claim is included for a method of polymerization of conjugated dienes (preferably 1, 3-butadiene and/or isoprene) in inert hydrocarbon solvent using the claimed catalyst and trialkylaluminum or dialkylaluminum chloride activator.