Junior single-seater outfit Hitech Grand Prix will join the Formula 2 grid as an 11th team this season.
Rumours emerged in the paddock at the Abu Dhabi season finale last year that Hitech could join the grid, as the squad spoke to prospective personnel about staffing a possible entry.
The F2 organisation that runs the championship has now allowed the team to become the 11th outfit on the grid for 2020.
"With the new 18-inch rims and some car updates coming to F2 in 2020 it made entering now much more necessary than the end of 2020 where we would be a year behind the learning process," explained Hitech boss Ollie Oakes.
"Of course, joining the grid this late means we are slightly up against it - but at Hitech we like a challenge!
"We are under no illusions that it will be a big ask to compete against some very established teams in F2 but I believe in our group and I am really excited for the first event in March at Bahrain."
Hitech is yet to announce its drivers, although ex-ART Grand Prix driver Nikita Mazepin is set to join the team.
McLaren test and development driver Sergio Sette Camara had been favourite towards the end of 2019 for the second seat, but ex-Virtuosi Racing driver Luca Ghiotto has emerged as a shock option for the team according to Autosport sources.
Ghiotto (pictured above) left F2 at the end of last year to join the R-Motorsport Aston Martin team's GT set-up, but he has now been linked to an F2 return.
F2 CEO Bruno Michel added: "I am pleased to welcome Hitech Grand Prix to our 2020 F2 grid.
"As stated before, many teams continuously show interest in joining our championship.
"Today's driver market combined with Hitech's prowess meant this addition to the new season became possible.
"Hitech Grand Prix enjoyed a strong Formula 3 season in 2019 and I know that although they are joining late, they will be able to adapt quickly to Formula 2 in order to fight against the other teams."
Hitech had success in the Formula 3 European Championship and last year joined the new FIA Formula 3 Championship - which, like F2, supports the Formula 1 package.
It ran Red Bull F1 junior Juri Vips to fourth in the drivers' championship and placed second in the teams' standings behind Prema Racing.
The squad runs W Series' machinery and also competes in Asian F3.
Hitech's addition means there are due to be 22 cars on the F2 grid this season.
F2 testing kicks off at Bahrain on March 1-3.