Charles Leclerc has admitted his delight at moving up into Formula 1 in 2018 with the Alfa Romeo Sauber F1 Team after being signed alongside Marcus Ericsson.
Giovinazzi, who served as Ferrari's third driver in 2017, has two Sauber race outings to his name, the Italian having stood in for the injured Wehrlein at this season's two opening rounds, with a best finish of 12th in Australia.
Ferrari reserve Antonio Giovinazzi is the back-up driver.
The auto is predominantly white with red accents, and large Alfa Romeo logos after the Swiss team confirmed a deal with the manufacturer.
Leclerc, who turned 20 in October and is from Monaco, became the youngest F2 champion last season, dominating the title race and eventually winning by 72 points.
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Marchionne added that the partnership would also strengthen his hand in talks with Formula One about the sport's future and warned that the deal could end in 2021 if Ferrari made a decision to walk away as they have threatened. Next year's auto will also be equipped with Ferrari power units.
Despite scoring all five of the team's points for Sauber this season, Wehrlein now only has Williams as an option in F1 for 2018, with the Mercedes youngster facing a potential return to DTM.
"We've got a long way to go to catch up and succeed", Vasseur said.
Indeed, Marchionne said he was expecting results on the track. The most important of these upgrades Sauber from running a Ferrari engine that is a year old to a current power unit instead.