The Algarve International Circuit near Portimão previously hosted F1 in 2020 and 2021 during the coronavirus pandemic.
The two-year deal brings the series back to Portugal after a six-year absence.
“The circuit delivers on-track excitement from the first corner to the checkered flag, and its energy lifts fans out of their seats," F1 president Stefano Domenicali said on Tuesday. "I look forward to working together again to ensure that Portimão returns to the calendar in emphatic style.”
Portugal's first F1 race was in Porto in 1958 but was discontinued shortly after. Estoril hosted grands prix from 1984-96, and was where Ayrton Senna claimed his first victory.
Lewis Hamilton won both pandemic races in Portimão and surpassed Michael Schumacher's record of all-time wins with his 92nd victory in 2021.
