Russell, who finished third in the European Formula 3 championship last season, will race in the GP3 feeder series with the leading ART team.
"It's a dream come true," Russell told BBC Radio Norfolk. "The real hard work starts now." Russell, who lives in King's Lynn, added: "It's quite comforting knowing that if I do the job, I'm quite confident I will get the opportunity from Mercedes to further my career."
Mercedes F1 team boss Toto Wolff said: "George has shown impressive form in the junior categories and we've been keeping a close eye on him for a while now. It's still early days in his career but we see great potential in him."
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