Formula Renault 3.5 promoters RPM Racing have committed to continued support of the championship in light of Renault's recent decision to back out.
Amid exploring a potential factory return to F1 and revamping their junior programme, Renault had called time time on their support to the championship.
As such, the full rights to the series will go back to RPM, who have confirmed a three-year deal starting with 2016.
"The decision of Renault Sport Technologies from stop acting as an organiser of the Formula Renault 3.5 Series has been one of the biggest challenges in the history of my company," said RPM boss Jaime Alguersuari Sr.
"I respect the decision of Renault, and at the same time, I would like to thank the French company for their permanent confidence in RPM.
"The philosophy of this new single-seater championship that starts from 2016 will be the same I have pursued since the beginning - to make it more affordable, more epic and faster."
RPM Racing have been the promoter of the series ever since its first season in 1998 under the name Open Fortuna by Nissan.
Renault's announcement on the future of the World Series' other categories is expected tomorrow.