Movistar Yamaha have confirmed Maverick Vinales will replace world champion Jorge Lorenzo in their rider line-up for 2017.
Vinales had been widely tipped to replace Lorenzo at the Japanese constructor, after the latter confirmed his move to Ducati for next season.
Highly rated 21-year-old Vinales secured his first premier-class podium at the Grand Prix of France, and spoke last week of how difficult it would be to turn down a team which has helped Rossi and Lorenzo win seven world championships between them.
Vinales was named MotoGP rookie of the year in 2015 and has impressed in a season and a half with Suzuki.
The young Spaniard has been replaced by Andrea Iannone at Suzuki.
Suzuki team manager Davide Brivio said in a statement: "We wanted a rider that could help Suzuki continue its road to the top.
"Andrea is a fast rider who has the hunger for success and his riding style could suit our machine's characteristics, therefore giving us good hopes for a positive partnership.
"Being in his fourth year in MotoGP he's also an experienced rider from which the whole team will benefit."