Felipe Massa and McLaren driver Kimi Raikkonen will wear Ferrari's colours next season following Michael Schumacher's decision to retire.
Raikkonen (right) will replace the seven-times world champion
Ferrari revealed their new line-up for 2007 after Schumacher's announcement following his victory in the Italian Grand Prix at Monza.
"Kimi was key to the structure for the future and we are pleased to have him," said technical director Ross Brawn.
"Felipe is doing a great job but we are happy to gain Kimi."
Raikkonen has signed a three-year deal and Massa's contract has been extended to the end of 2008.
McLaren team chief Ron Dennis, who has already signed world champion Fernando Alonso to replace the Finn, thanked Raikkonen for his efforts.
"I have enjoyed working with Kimi over the past five seasons and as a team we have achieved a lot of success," he said.
"He is a very special driver and obviously everybody at McLaren wishes him all the best in his future career.
"Looking forward we remain confident that our 2007 line-up will be a strong and exciting one."
McLaren have not yet revealed the identity of their second driver, but it is expected to be either current racer Pedro de la Rosa or newly crowned GP2 champion Lewis Hamilton.