The 21-year-old German, who has signed a multi-year agreement, is leading the Formula Two championship ahead of this weekend's finale at Bahrain's Sakhir circuit.
"The prospect of being on the Formula One grid next year makes me incredibly happy and I’m simply speechless," said Schumacher.
"I have always believed that I would realize my dream of Formula One."
Schumacher, a member of the Ferrari young driver academy, will form an all-new line-up at Haas along with Russian Nikita Mazepin whose signing was announced on Tuesday.
• Read more: Romain Grosjean latest after horror crash
The pair replace Frenchman Romain Grosjean, currently recovering from a fiery crash in the Bahrain Grand Prix last Sunday, and Denmark's Kevin Magnussen.
Schumacher will be in the car next week with Haas slotting him in for Friday first practice at the season-ending Abu Dhabi Grand Prix.
He will also take part in a young driver test at Yas Marina on 15 December.
"The Formula Two Championship has long served as a proving ground for talent to showcase their credentials and this yearâs field has undoubtedly been one of the most competitive in recent seasons," said Haas principal Guenther Steiner.
"I firmly believe he’s earned the opportunity to graduate into Formula One based on his performances."
Schumacher has a 14-point lead in the F2 standings with two races to go.
Michael Schumacher retired in 2012 after a three-season comeback with Mercedes.
The Ferrari great has not been seen in public since suffering severe head injuries in a skiing accident in the French Alps in 2013.
Register for free to continue reading
Registration is a free and easy way to support our truly independent journalism
By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists
Already have an account? sign in
Join our new commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies