LN4 Fusion will be run by Rene Rosin, founder and former boss of Prema, one of the most successful teams in the junior categories over the past two decades.
In parallel, Norris is setting up what is described as “an independent, fully funded driver development” scheme, to be called the LN4 Legacy Programme.
“I’ve been really lucky to have some amazing people around me throughout my career, and I know that getting to Formula 1 takes so much more than just talent,” Norris said.
“You need the right people around you, the right support and the right opportunities at the right time.
“That’s what these two projects are all about. LN4 Fusion is about building a race team that can compete with the best in junior motorsport, with great people and a great environment for drivers to develop.
“The LN4 Legacy Programme is about helping talented young drivers get opportunities they might not otherwise have.”
Norris’ programme will run teams in the Italian F4 Championship, FIA Formula Regional European Championship and FIA Formula 3 Championship in 2027.
The aim is also to compete in Formula 2 next year, but the application process for that has not yet been completed.
Norris will be co-owner of the project along with an investment group run by businessman Dan Richards, who has a background in technology.
The main headquarters of the programme will be in Veneto, Italy.
The UK arm, led by Dan Hazlewood, head of the Fusion Motorsport karting team, will be based in Cambridgeshire and run a programme in British F4.
The young driver programme will be run by Julian Rouse, who was formerly head of a similar programme for the Alpine F1 team.
Richards said: “What we have created is far more than simply the acquisition of a racing team.
“We have assembled a rare combination and secured the right sporting leadership in the industry: an established operation, a Formula 1 world champion, the most successful team principal in junior single-seater racing over the past two decades, world-class motorsport expertise, significant investment and a shared ambition to build a team capable of competing at the highest levels of the sport.”
Rosin said: “Having Lando on board adds a further dimension to this project. He has come through the junior single-seater ranks and understands its demands. His involvement will make a real difference to the team.”