Alfa Romeo have a strong heritage in Formula One with the first two world championships in 1950 and 1951 won by Italian Giuseppe "Nino" Farina and Argentine Juan Manuel Fangio in their cars.
Formula Two champion Charles Leclerc will graduate to F1 with Sauber next season.
"For now I'm a Ferrari fan, but if Alfa Romeo Sauber do well that would of course be very welcome", Marchionne said.
The covers were then pulled off a showcar, revealing a red and white livery, with a large Alfa Romeo logo on the engine cover.
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The news leaves Pascal Wehrlein's hopes of securing another F1 drive with Williams, though Robert Kubica remains favourite to be Lance Stroll's teammate, which is the only remaining slot on the grid for next season.
Even before he put his teenage years behind him back in October, he had always been the favorite to get this ride, and now it's official.
"I believe today is a special moment not only for us but for all of Italy", Marchionne said. Having used a year-old power unit this season, next year will see Sauber running the latest specification in a deal that has since been extended to the Alfa Romeo partnership.
Marchionne, who is also chairman of Sauber's engine suppliers Ferrari, has made the title sponsorship of Sauber part of his reshaping of the FCA-owned Alfa Romeo brand.