The race was previously held at the Algarve circuit in 2020 and 2021 during the Covid pandemic, with both editions won by Lewis Hamilton.
Portugal hosted a GP between 1984 and 1996 in Estoril, after previous iterations elsewhere from 1958-1960.
The race is expected to replace the Dutch Grand Prix, which is slated to be dropped from the calendar after 2026, when it will be held in late August.
"The circuit delivers on-track excitement from the first corner to the chequered flag, and its energy lifts fans out of their seats," said F1 president Stefano Domenicali.
Next year's world championship begins in Melbourne on March 8th, with Lando Norris defending the drivers' title he won earlier this month in Abu Dhabi.