As part of his deal, he will drive in two tests with Ferrari this season.
Ferrari team principal Mattia Binotto also highlighted the teenager’s “human and professional qualities”.
He turned 50 earlier this month but has not been seen in public since suffering severe brain injuries in a skiing accident in December 2013.
“I am thrilled that Ferrari has entered a partnership with me and my next future in motorsport will be in red, being part of the Ferrari Driver Academy and also of the Scuderia Ferrari family,” the teenager said.
“Again, this is another step forward in the right direction, and I can only profit from the immense amount of expertise bundled there. Be sure I will make everything to extract whatever helps me achieve my dream, racing in Formula 1.
“It is more than obvious that Ferrari has a big place in my heart since I was born and also in the hearts of our family, so I am delighted on a personal level about this opportunity as well.”
Binotto said: “For someone like me who has known him from birth, there’s no doubt that welcoming Mick into Ferrari has a special emotional meaning, but we have chosen him for his talent and the human and professional qualities that have already distinguished him despite his young age.”
Giuliano Alesi and Callum Ilott will also race in Formula 2, Marcus Armstrong and Robert Shwartzman will compete in Formula 3, Enzo Fittipaldi will be in Formula Regional and Gianluca Petecof in Gianluca Petecof