Morbidelli, a member of Valentino Rossi’s VR46 Academy, will ride one of the satellite squad’s Desmosedici GP24s next season, replacing Honda-bound Johann Zarco.
The Italian will partner Jorge Martin, who has a pre-existing contract to remain at Pramac.
Pramac team boss Paolo Campinoti commented: "I am very happy that Franco is joining our family for 2024. I have a very good relationship with him, who has proved to be a champion on many occasions.
"I am sure that in our team he will find the right conditions to come back and fight for the positions he deserves."
Morbidelli, the 2017 Moto2 champion, had been linked with a move to the Ducati camp for some time as it became increasingly clear he would not retain his Yamaha ride, which eventually went to Alex Rins.
Initially it was thought the 28-year-old could join the VR46 team owing to his long-standing links with Rossi, but Marco Bezzecchi’s reluctance to leave the squad meant that the opportunity came up for Morbidelli to join Pramac.