Formula 2 last ran from 2009 to 2012, but the FIA has been working on resurrecting the series, with a single-seater commission led by former Ferrari F1 team boss Stefano Domenicali.

GP2 had sent an offer to the FIA in July to promote the new F2 series.

In its meeting on Wednesday, the World Motor Sport Council said it has now began proceedings to formalise a contract with GP2.

"The World Motor Sport Council gave a mandate to the President to formalise the contract between the FIA and the GP2 promoter for the establishment of the FIA Formula 2 Championship to complete the FIA's single-seater pyramid from Karting to Formula One," said the WMSC statement.

No date has been given for the start of the new F2 series.