Jules Bianchi will partner Max Chilton at Marussia in the 2013, the team have confirmed.
Luiz Razia was initially named as Timo Glock's replacement but the Brazilian was withdrawn from last week's test in Barcelona due to what was is believed to have difficulties with his sponsors.
It now appear that Razia has been unable to come up with the money required to secure the drive and Marussia have moved quickly to secure the services of Bianchi.
"Having made clear the basis on which we must operate in 2013, and given the steps we had taken to put that new structure in place, we had no alternative but to remain true to the principles which we had identified as being key to securing our long-term future," explained team principal John Booth.
"Jules is a proven talent who is highly regarded within the paddock," he added.
"He has been on a clear trajectory towards Formula One and has achieved some impressive performances through the various feeder formulae.
"His obvious pedigree put him on the radar for a number of teams over the winter as a driver ready to step up to Formula One.
"Jules can now look forward to a very swift initiation into the team over the course of the next two days here in Barcelona."
The move marks a remarkable turnaround for Bianchi who on Thursday discovered that Adrian Sutil had beaten him to the second seat at Force India.
"I am thrilled to have secured a race seat with Marussia," said the 23-year-old.
"Racing in Formula One this season has been my goal over the winter, and after evaluating a number of options I am very excited to have this opportunity to demonstrate I am ready for this next step in my racing career.
"I am also very grateful to the Ferrari academy that has always supported me and given me the possibility to mature as a racing driver, enabling me to be fully prepared for this new exciting challenge.
"The next two weeks of preparation for the season will be incredibly busy, but I am ready to get started tomorrow with my first day in the car."
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