However, Ericsson's future had been in doubt after he ended the season as the only driver to compete in every race without scoring a point. The Italian vehicle manufacturer is making a return to the sport after 30-years to sponsor the team.
Meanwhile, in terms of drivers, the Swiss team are retaining the services of Marcus Ericsson, but are replacing Pascal Wehrlein with the services of Charles Leclerc.
The covers were then pulled off a showcar, revealing a red and white livery, with a large Alfa Romeo logo on the engine cover. Instead, the Italian will be Sauber's third driver, effectively meaning he is in a reserve role.
Fiat Chrysler have invested billions of euros since 2014 to develop new Alfa Romeo models that would stand up against German premium rivals and shed a reputation for poor quality and service that has hit sales in the past decade.
"This agreement with the Sauber F1 team is a significant step in the reshaping of the Alfa Romeo brand", Marchionne said earlier this week. He is clearly deserving of a shot in Formula One. The deal is understood to include an agreement for it to take at least one of Ferrari's young drivers next season.
"I think obviously we're starting from quite far behind because we had a hard season, but I think we have the potential to take a good step forward".
The news was announced Saturday as the team's Formula One vehicle was also unveiled with it's slick red and white colouring with a prominent Alfa Romeo logo.