As previously reported, Iwasa will partner two-time champion Tomoki Nojiri at Mugen next season, taking over the seat vacated by Liam Lawson.
Lawson is set to be on full-time reserve driver duties for both of Red Bull’s Formula 1 teams in 2024, precluding a return to Super Formula action next year.
Additionally, it was announced that Iwasa will get his first taste of Formula 1 machinery with AlphaTauri in the post-season test to be held after this weekend's Abu Dhabi finale.
"I'm happy to be able to race in Super Formula for Team Mugen next season," commented the 22-year-old Japanese driver.
"I'm really excited to be able compete as a member of such an experienced team and alongside Nojiri, who has experience of winning titles.
"In order to realise my dream of racing in the world's highest category, I'll aim for victories and the championship while learning from Nojiri's strength and speed in each race."
Iwasa has spent the past two seasons racing in F2 with DAMS, scoring five victories in that time, and is third in the standings with just this weekend's Abu Dhabi season finale left on the schedule.
Prior to that, he raced in FIA F3 and French F4, meaning that the 2024 season will be his first full season of car racing in Japan.
Source: Autosport