Bustamante will sport a McLaren livery in F1's female-only feeder series on a car run by French powerhouse ART Grand Prix, while also being added to its driver development programme.
The 18-year-old from the Philippines is the first driver designated by an F1 team to compete in the 2024 championship, with all 10 teams agreeing to nominate one driver each to run in the teams' colours.
"This is such an unreal moment in my career, to sign with McLaren and ART Grand Prix is way beyond anything I could’ve ever imagined growing up racing karts in the Philippines," said Bustamante.
"I still have a hard time seeing my name next to McLaren without getting emotional, as the history and heritage linked to this team leaves me truly speechless.
“I’m so grateful for this opportunity as I believe I now have the best possible development structure around me to take the next step up in my career."
Bustamante is currently seventh in the F1 Academy standings as the series heads to its conclusion this weekend in Austin, having taken her first win in Monza.
She previously raced in the W Series' final, curtailed 2022 season, scoring a highest finish of ninth in Miami, following stints in both the Italian and UAE Formula 4 series.
Source: Autosport