Chaves had a breakout 2016 with podium finishes at both the Giro and Vuelta a España, and closed out his season with a stunning victory at the Giro di Lombardia autumn classic.
The Colombian on Monday said he feels comfortable racing the Italian Grand Tour and will line up for its 100th edition on a course which more suits his climbing prowess.
"I still have many years to do the Tour de France," the 26-year-old Chaves said. "One day, I will find that the course suits my qualities and I will try my luck.
"I have a very special relationship with Italy. I really like Italian cycling and I have many friends in this country."
The decision by Chaves opens up the possibility of a repeat of his successful 2016 schedule, with another ride at the Vuelta a España a possibility.
It also signals that the Orica-BikeExchange Tour de France general classification ambitions will be led by the Yates brothers, Adam and Simon.
Though not confirmed, it's understood Chaves will start his 2017 season at the Santos Tour Down Under in the run-up to the Giro, making it his first race on Australian roads.