Chevrolet will provide the team with engines, replacing previous partner Honda, who have a long and recently unsuccessful past with the McLaren team in Formula 1.
Arrow SPM has achieved seven series victories and a further 28 podium finishes while McLaren has dipped its toe into IndyCar racing with recent Indy 500 appearances with Fernando Alonso.
The Spaniard had been in the running for victory in 2017 in a McLaren Honda Andretti effort before an eventual engine failure, though the 2019 McLaren attempt ended with failure to qualify following poor planning and preparation by the team.
The first round of the 2020 season will take place on March 15, as St Petersburg hosts the opening race of the year.