Venezuelan Pastor Maldonado has been named to drive for Lotus in the 2014 season alongside France's Romain Grosjean, the team confirmed on Friday.
Maldonado has spent three seasons with Williams, winning the Spanish Grand Prix in 2012, but only notched up one point this season with his 10th place in Hungary.
The 28-year-old, supported by state-owned Venezuelan oil and gas giant PDVSA, announced at the start of the month he was quitting the team, leading to talks with Lotus and Sauber.
"It is a fantastic opportunity for me to join Lotus F1 Team for 2014," said the Venezuelan, who focused his efforts on Lotus since the season-ending Brazilian Grand Prix.
"The regulations and cars will change significantly so it is a very good time for a fresh start."
The Venezuelan should take 35 million euros ($A52 million) annual sponsorship from PDVSA to the financially struggling Lotus team, who failed to pay Finn Kimi Raikkonen part of his salary this season.
Raikkonen, who joins Ferrari next season, missed the last two races in the United States and Brazil after deciding to undergo back surgery.
Team Principal Eric Boullier said: "With Romain and Pastor I believe Lotus F1 Team will be able to cause quite a few surprises next year."
Lotus finished fourth in this season's constructors' championship.
Grosjean had a strong finish to the season with four podiums in five Grands Prix before an engine blow-out in the final race in Brazil.
Meanwhile, The 2014 Bahrain Grand Prix, which will be held on April 6 at the Sakhir circuit near Manama, will be staged at night, organisers announced on Friday.
Floodlighting has been installed and will be tested at this weekend's final round of the World Endurance Championship.
The move to a night race in the Gulf state will mark the 10th anniversary of the first Bahrain Grand Prix, won by Michael Schumacher in a Ferrari in 2004, and will also be welcomed by drivers, given the high daytime temperatures in spring.
Bahrain will be Formula One's second night race - Singapore has been held after dark since its inception in 2008.
Abu Dhabi is a twilight race, starting in late afternoon and ending after nightfall.
The Sakhir circuit will replace Barcelona for the final two rounds of pre-season testing, in February 2014, with the first session still taking place at Jerez, Spain in January.
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