Pastor Maldonado has signed a deal to race alongside Rubens Barrichello at Williams in 2011.
That is the claim of Warm Up, the electronic version of Brazil's Grande Premio publication.
The report said Maldonado, the new GP2 champion, will replace Nico Hulkenberg.
The 25-year-old Venezuelan reportedly inked the contract in the second week of October in Caracas, in the presence of a top official of the Grove based team and Maldonado's sponsor PDVSA, the state-owned petroleum company.
The report said Williams essentially had no choice, amid the prospect of losing four main sponsors - RBS, Philips, AirAsia and McGregor - at the end of the current season.
PDVSA will reportedly pay EUR 15 million for Maldonado's seat.
Williams has been contacted for comment.