The GP2 series has been renamed Formula Two at a meeting of the FIA's World Motor Sport Council in Geneva.
The FIA has been pushing for the re-establishment of the Formula Two name in the motorsport ladder since 2015 and has now agreed with GP2's new owners, Liberty Media, to rename the F1 feeder series. GP2 has followed the F1 circus to various rounds since 2005 when it took over Formula 3000 as the main feeder series for the championship.
The cars and calendar will remain the same for the upcoming season, but will now run under the F2 name.
"Completing this process with Formula One Group and bringing FIA Formula 2 to life is a very important step," FIA president Jean Todt said. "The championship will provide the final level for junior drivers who are looking to reach the ultimate goal of Formula One, and we have achieved a key target for the FIA in completing our single-seater pyramid.
"In recent years we have developed a hugely successful programme of FIA Formula 4 championships in 12 countries around the world, the FIA F3 European Championship has become very strong and competitive, and now we have this final piece of the puzzle. I am also very pleased to see that we are already working in the same direction as Formula One Group, and I am sure that this positive relationship will continue to benefit our sport."
Formula One Group CEO Chase Carey said: "I am very pleased to announce the evolution of the GP2 Series to become the FIA Formula 2 Championship. "Junior categories and especially the upcoming Formula 2 Championship are strategic activities for Formula 1. "We are delighted to strengthen them through this agreement with the FIA."
The last time the Formula Two name was used in an FIA championship was in 2012 after it was revived for a short-lived, low cost, single-spec series. Prior to that the series had historically been an open formula directly below Formula One, which can trace its routes back to pre-war voiturette racing and the codification of Formula B back in 1948.