Mick Schumacher, the son of seven-time Formula 1 world champion Michael, will drive for Haas next season.
The 21-year-old German has signed a "multi-year" deal to race with the US-based team and will partner Russian Nikita Mazepin, who was announced on Tuesday.
Mick is currently racing in Formula 2 and could win the title in Bahrain this weekend.
"The prospect of being on the Formula One grid next year makes me incredibly happy and I'm simply speechless," said Schumacher.
"I also want to acknowledge and extend my love to my parents – I know that I owe them everything. I have always believed that I would realise my dream of Formula One.
"A huge thank you must also go to all the great motorsport fans out there who have supported me throughout my career."
"I will give it my all, as I always do, and I look forward to going on this journey together with Haas F1 and them."
— Haas F1 Team (@HaasF1Team) December 2, 2020
Schumacher has six seasons of open-wheel racing under his belt, which started in the 2015 ADAC F4 Germany series.
He progressed to the FIA Formula 3 European Championship – winning the title in 2018.
He was appointed to the Ferrari Driver Academy in 2019 as he made his Formula 2 debut.
Schumacher had his first taste of contemporary Formula 1 cars in April of that season, participating at the in-season test in Bahrain testing with both Ferrari and Alfa Romeo across the two days.
Schumacher's F1 debut next year will come on the 30th anniversary of his father's debut with Jordan at the 1991 Belgian Grand Prix.
Michael's medical condition is unknown following a skiing accident in 2013 in which he suffered severe head injuries. The 52-year-old has not been seen in public since.
Meanwhile, Romain Grosjean has been discharged from hospital in Bahrain.
The Haas pilot suffered a horrific crash in Sunday's race when his car smashed into a barrier and burst into flames.
He was caught up in the fire for almost 30 seconds before escaping. The 34-year-old's getting private treatment for burns to his hands.