The Ferrari Driver Academy will be based a Sydney Motorsport Park with the aim of attracting drivers from Australia, New Zealand and countries through Asia.
Similar development programs have produced talent such as the Italian team’s current F1 driver Charles Leclerc.
Michael Schumacher’s son Mick and former world champion Emerson Fittipaldi’s grandson Enzo have also come through Ferrari academies.
Motorsport Australia president Andrew Papadopoulos said the academy would be an opportunity for local talent to take a step towards a potential Formula One career.
“Our up-and-coming open-wheel drivers will now have an even better opportunity to be part of the Formula One system at an early age,” Motorsport Australia president Andrew Papadopoulos said.
“Australians have proven throughout history that they can compete with the best in the world … We believe this program will help us find the next Daniel Ricciardo or Mark Webber, and hopefully the next Australian Formula 1 World Champion.”
Australian Daniel Ricciardo discussed a possible move to Ferrari for the 2021 F1 season recently, but has announced he’ll be racing for the McLaren team from next year instead.