The seven-time champion will drive alongside current Ferrari star Charles Leclerc, forming what looks like a formidable pairing moving forward.
Meanwhile, Carlos Sainz - who has won three grands prix for Ferrari - will make way for Hamilton when his contract expires at the end of 2024, with the Spaniard instead joining Williams to race alongside Alex Albon.
Sainz, however, has revealed he is very much open to the idea of returning to the Italian team in the future.
Recently discussing his exit from the team with The Athletic, Sainz claimed that he has a long career ahead of him and that he would not close the door on a return to the Maranello-based outfit.
"The fact that I’m leaving at the end of the year, I think there is nothing really that is wrong with me and Ferrari," the Spaniard explained.
"A seven-time world champion happened to want to come to Ferrari in the last years of his career, and I had to move aside and to obviously leave my space to Lewis. I have no hard feelings regarding that.