Garcia, who also competed in the defunct W Series, will now race against up-and-coming male drivers with top junior team Prema Racing in the European series which sits below Formula Three.
The drive will be funded by tyre supplier Pirelli, F1 Academy, the team and car maker Tatuus.
"F1 Academy is all about progression and creating more opportunities for young women across motorsport, so to offer a fully funded seat in FRECA for our inaugural champion is a significant moment," said F1 Academy managing director Susie Wolff in a statement.
Italy-based PREMA are the reigning champions in FRECA and are also active in Formula Three and Formula Two.
Ferrari's Charles Leclerc and McLaren's Oscar Piastri both won the FIA F2 championship with PREMA, as did Michael Schumacher's son Mick. Aston Martin's Lance Stroll and Alpine's Esteban Ocon were European F3 champions with them also.
No woman has started a Formula One grand prix since the late Italian Lella Lombardi in 1976.
F1 Academy will be supporting seven grands prix next season with races on three continents starting in Saudi Arabia and ending in Abu Dhabi.
Britain's Jamie Chadwick, who won the W Series title three times, is now racing with Andretti Autosport in the US-based Indy NXT championship, a feeder series for IndyCar.
