While Ferrari was weighing up whether it wanted to place Antonio Giovinazzi at Sauber, the team has opted to only secure a Formula 1 race seat for Leclerc, with Ericsson being retained for what will be his fourth season at the team and Pascal Wehrlein losing his seat.
The line-up was announced at a special press event in Milan, Italy on Saturday, where the team revealed further details of their new title sponsorship deal with Alfa Romeo, including a revised red and white livery concept for next season's auto and a new logo.
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Saturday's event showed off a new red and white livery, with Alfa Romeo branding prominent on the engine cover, and a redesigned logo.
Marcus Ericsson will stay at Sauber next year for the 2018 Formula 1 world championship.
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However, Ericsson's future had been in doubt after he ended the season as the only driver to compete in every race without scoring a point.
With this confirmation, just one seat remains on the F1 grid for 2018 as Williams continues to consider who will replace Felipe Massa and partner Lance Stroll next year. Instead, the Italian will be Sauber's third driver, effectively meaning he is in a reserve role.
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Sauber will have closer ties with Ferrari next season through the deal with Alfa Romeo. The deal is understood to include an agreement for it to take at least one of Ferrari's young drivers next season. He is clearly deserving of a shot in Formula One.