Red Bull have confirmed Daniel Ricciardo will drive for the team from the start of next season, replacing his fellow Australia Mark Webber.
Ricciardo, who currently drives for Red Bull's junior team Toro Rosso, will link up with triple world champion Sebastian Vettel in the senior team in 2014.
"I feel very, very good at the moment and obviously there's a lot of excitement running through me," said Ricciardo.
"Since joining F1 in 2011 I hoped this would happen and, over time, the belief in me has grown. I had some good results and Red Bull has decided that this is it, so it's a good time.
"Next year I'll be with a Championship-winning team, arguably the best team, and will be expected to deliver. I'm ready for that.
"I'm not here to run around in tenth place, I want to get the best results for myself and the team. I would like to thank the team for giving me the opportunity to show what I can do.
"I know the team quite well already since being its reserve driver in 2010, which should make the transition easier. It will be a great challenge to be up against Sebastian Vettel, I'm looking forward to that."
Red Bull team boss Christian Horner added: "It's fantastic to confirm Daniel as the team's race driver for 2014, he's a very talented youngster.
"He's committed, he's got a great attitude and, in the end, it was a very logical choice for us.
"He's got all the attributes that are required to drive for our team: he's got a great natural ability and he's a good personality and a great guy to work with.
"Daniel knows what the team expects from him. He'll learn quickly and it's very much a medium to long term view that we're taking in developing him. The seat within the team is a wonderful opportunity and I think he's going to be a big star of the future."