Super Nova will no longer be part of the GP2 field in 2012, with its place taken by Auto GP squad Lazarus.
Tancredi Pagiaro's Lazurus team will run with Venezuelan backing and will make its GP2 debut in the official tests later this month. No drivers have been announced so far.
GP2 chief Bruno Michel said: "They are a great addition to our competitive field of 13 teams. Tancredi Pagiaro and most of his staff have been involved in GP2 in the past years and I am sure they will be able to be on pace very quickly."
Pagiaro added: "We know this will be a big challenge but we are ready for it and cannot wait to get started."
Super Nova Racing had been in GP2 since the series' inception in 2005, winning races with Adam Carroll, Luca Filippi, Alvaro Parente and Marcus Ericsson. It previously took Vincenzo Sospiri, Ricardo Zonta, Juan Pablo Montoya and Sebastien Bourdais to titles in GP2's predecessor Formula 3000.