The 24-year-old Brazilian challenged Timo Glock for the 2007 GP2 championship before focusing on Formula One testing with Renault. But he made a surprise return to the series with Campos halfway through last year and proceeded to grab third in the standings despite missing the first six rounds.
Di Grassi was also evaluated as a contender for a Honda F1 drive this year before the manufacturer withdrew.
"Contrary to last year, I will be able to participate in the GP2 Championship from the very beginning," said di Grassi, who has made 55 GP2 starts since first joining the series with Durango in 2006.
"I believe that after a good season, and testing with the Renault F1 team and Honda Racing, I am more ready than ever to fight for the title. I feel very motivated and I will push to the limit to bring it home."
Racing Engineering have already signed Formula 3 graduate Dani Clos for their second car. The team will run under the Fat Burner Racing Engineering title this season.
Team boss Alfonso de Orleans Borbon is targeting a title double this year, having taken Giorgio Pantano to last year's crown.
"Not only are Dani and Lucas good friends but I am sure their working relationship will also be very fruitful," said de Orleans Borbon.
"With Lucas' experience in GP2 and Formula One, and also bearing in mind Dani's recent tests in F1, it is logical to think that with such a line-up all our goals will be directed towards winning the drivers and teams' titles this season."
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