The Italian manufacturer is set to enter the championship in the 2008 season with Fogarty's British-based team as their factory-supported outfit.
"We are happy to race with Carl Fogarty's team in 2008 and see this as a long-term relationship," says MV Agusta President Claudio Castiglioni.
We always targeted 2008 as our debut year in the World Superbike series, when we will have sufficient resources to fully support such a challenge.
When MV Agusta returns to World Championship competition, it must be with the ability to be competitive from the very first race, and to challenge for victory throughout the season.
Everyone was impressed by the professionalism and dedication of Fogarty's team during their five years with Petronas and we are confident they can deliver the results we expect."
The partnership recreates the relationship Castiglioni and Fogarty enjoyed when the rider won the first of his two World Superbike titles in 1994 and 1995 for Ducati, then owned by Castiglioni.
Fogarty, four-times World Superbike champion, said: "This is a very exciting opportunity and one which is sure to capture the imagination of racing fans around the world.Claudio shares my desire for success and it will be great to work with him again.
Our initial aim was to continue racing in 2007 but it soon became clear that a start date of 2008 made much more sense for this project.
My team is now committed to finding sponsorship for next year in order to start preparations for the 2008 season as soon as possible."
The team will run the new 2008 F4 R 312, which Fogarty is expected to ride during a special Parade of Champions on Friday, June 8th, as part of the 100th anniversary celebrations of the Isle of Man TT. MV Agusta last appeared there in 1972, when Giacomo Agostini recorded his last of 10 race wins on the island.