Red Bull have confirmed Daniel Ricciardo will drive for the team from the start of next season, replacing Mark Webber.
The 24-year-old Australian moves to Red Bull from sister team Toro Rosso, who he joined in 2010 as a test driver before graduating to a race seat at the start of 2012.
Ricciardo emerged as one of the front-runners for the coveted seat alongside reigning triple world champion Sebastian Vettel in June, after compatriot Webber announced his intention to retire from F1 at the end of the season and move into sports car racing.
Red Bull team principal Christian Horner announced the deal in a video on the team's official website, saying: "It gives me great pleasure to announce that our new driver for the 2014 season with Infiniti Red Bull Racing will be Daniel Ricciardo."
Ricciardo, who sits 14th in this year's drivers' standings on 12 points, is relishing the chance to pit himself against Vettel in equal machinery.
"Obviously there's a lot of excitement running through me right now," he said.
"It's great news, something I've worked for. To hear the news I wanted was great. It's the next step in my career now.
"Next year I'm going to have to put up with a bit more scrutiny. I'm ready for that and I want to get results for myself and the team.
"Sebastian Vettel has achieved a hell of a lot in his career. I want to be put against the best and see if I can mix it with Seb and the best guys in the world.
"It's the next step but for sure it's not the final step."