Chandhok, 25, becomes the first driver to be confirmed at the Portuguese team for the main series.
"It is very important for Ocean Racing Technology to guarantee the presence of a talented driver such as Karun Chandhok," said team boss Tiago Monteiro. "He is fast, a hard worker and already has some great results on different kinds of tracks.
"From what we hear, he always had an excellent working relationship with engineers and team principals that he has previously worked with and has won two races in the GP2 Main Series.
"It is extremely positive that he signed this contract well before the championship starts because this way we can immediately begin work for the Main Series."
Chandhok, a two-time race winner in GP2, has raced in the series since the 2007 season, having finished in 15th that year and 10th in 2008 in the standings.
"I'm very happy to have concluded a deal with Ocean Racing Technology," said the Indian. "I've known Tiago for a few years now since we briefly raced together in World Series and of course he was Narain (Karthikeyan)'s teammate at Jordan.
"I really believe that having an ex-F1 driver running a team is a big plus as he understands what is needed from our perspective."
He added: "Of course, going to a new team is always a bit of a gamble for a driver. Any new team will take some time to get fully up to speed and it's slightly unrealistic to think we're going to be Championship contenders, but certainly the objective is to win races this year.
"iSport was a very good team but we could not conclude a suitable financial agreement and have parted ways on good terms. My experience with them will certainly be of benefit as I work to develop ORT into a front running team."
The first race of the 2009 season will take place in Barcelona on May 9.
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