Ilott took second in the 2020 FIA Formula 2 championship, clinching three wins and finishing 14 points behind fellow Ferrari junior Mick Schumacher.
While Ilott didn’t manage to secure graduation to Formula 1, the 22-year-old Briton took up a role as Ferrari’s F1 test and reserve driver.
In addition Ilott will also represent Ferrari on track, taking part in the five-round GT World Challenge Endurance Cup, which includes the Spa 24 Hours.
Ilott will share the #71 Iron Lynx Ferrari 488 GT3 with fellow Ferrari Driver Academy member Antonio Fuoco and works driver Davide Rigon.
The sister #51 car will be manned by factory drivers Alessandro Pier Guidi and Nicklas Nielsen as well as Come Ledogar, who previously won the Endurance Cup in 2016 with Garage 59.
The Endurance Cup will kick off on April 16-18 with a first round in Monza.
As previously announced Iron Lynx will also contest the full FIA World Endurance championship with two entries in GTE Am, expanding to a third Ferrari 488 GTE at the Le Mans 24 Hours.
Co-founder and team principal Andrea Piccini will share the #60 entry with fellow Italians Claudio Schiavoni and Matteo Cressoni, with Manuela Gostner, Rahel Frey and Michelle Gatting forming an all-female line-up in the #85 Ferrari under the Iron Dames banner.
At Le Mans Schiavoni will be joined in the #60 car by Raffaele Giammaria and Paulo Ruberti, while Piccini and Cressoni will move over to a third #80 entry alongside Rino Mastronardi.
Iron Lynx will also expand to three cars in the European Le Mans Series, with factory driver Miguel Molina and Katherine Legge bolstering the line-up. The team will run a total of 14 entries across five GT championships.
“We are thrilled to announce details of our most extensive motorsport season to date,” said team principal Piccini.
“2020 was an incredibly challenging year for the entire motorsport community around the world so we are delighted to have such a busy year ahead of us. After lots of hard work over the winter months, we do believe that our time has come, and this is tomorrow.”