Mick Schumacher, the son of seven-time world champion Michael Schumacher, described himself as "exploding emotionally" after the Haas team on Wednesday anointed him as one of its two drivers for the 2021 Formula 1 season.
Schumacher will partner another 21-year-old Nikita Mazepin.
"Super excited about having two rookies in our team for next year! Welcome, Mick!" said Haas team principal Guenther Steiner.
The tyros will replace Kevin Magnussen and Romain Grosjean - who narrowly escaped death after his car crashed into a barrier and burst into flames at the Bahrain Grand Prix on Sunday.
"I'm really looking forward to next year's challenge ... it's really been a dream that I've always dreamed about and now it's finally coming true," Schumacher said in a video posted on Twitter.
"So I'm just really really happy and emotionally exploding."
Schumacher, whose father was seriously injured in a skiing accident in December 2013, heads the 2020 Formula 2 drivers' standings by 14 points with one race to go in Bahrain this weekend.
Steiner added: "Mick has won races, collected podiums and excelled against some pretty exceptional talent in 2020.
"I firmly believe he's earned the opportunity to graduate into Formula 1 based on his performances.
"We are putting in place our building blocks for the continued long-term growth of the team and I look forward to Mick's contributions both on and off the track in that process."
Haas will be counting on the 2021 pairing to better Grosjean and Magnussen's haul of three points between them this campaign with two races to go.
Grosjean, who left Bahrain Military hospital on Wednesday after being treated for burns and shock injuries, will miss Sunday's Sakhir Grand Prix.
The 34-year-old Franco-Swiss pilot has insisted he wants to feature in the final race of the season in Abu Dhabi on 13 December.
"I've told him to rest and recover," said Steiner. "We'll talk about whether he can take part in Abu Dhabi early next week. There is no rush. He wants to drive in the race but we'll decide that together."