A two-time European karting champion, the Italian has made a strong impression on the junior categories to date by winning the Italian and ADAC Formula 4 titles with Prema in his first season of single-seater racing in 2022.
Antonelli capped his year with victory in the FIA Motorsport Games' F4 Cup, but decided against a move to Formula 3 in 2023 in favour of a switch to FRECA with Prema.
He won the title with two races to spare at Zandvoort, with a tally of five victories, and the 17-year-old will now bypass F3 to continue his relationship with Prema.
The squad has taken Charles Leclerc (2017), Mick Schumacher (2020) and Oscar Piastri (2021) to F2 titles, and retains a mathematical chance of this year's championship with Frederik Vesti trailing ART rival Theo Pourchaire by 25 points heading into next month's Abu Dhabi finale.
Antonelli will get his first taste of F2 in the post-season test at Yas Marina before the championship introduces an all-new Dallara-built car for 2024.
"I'm very happy for this opportunity," said Antonelli.
"From Formula Regional to Formula 2, it will be a huge jump. I'm aware that it will be very challenging because the level is really high there.
"It will be a new car, for me and the others as well, but it's still going to be tough.
"I don't want to set expectations, I will try to learn as much as possible in testing to be ready for the first race, have fun as always, and do a good job.
"I'm delighted to continue with Prema as I started my single-seater career with them and they are my second family. I love working with them."
Antonelli becomes the first driver confirmed for the 2024 F2 season, while Prema has announced 2022 FRECA champion Dino Beganovic will remain with the squad for a second season in F3 after placing sixth in the standings.
Team boss Rene Rosin added: "We are proud to welcome Kimi to our FIA Formula 2 team.
"He has been with us since the very beginning so not only do we know him well, but we are also particularly proud of what he was able to achieve in his first two years full-time in single-seaters.
"Kimi is a gifted racer and a great team player, so we cannot wait to see what the 2024 season will bring and we are focused on helping him to make the step in the smoothest possible way."
