The team, which is being launched from scratch, will be branded Team Sky. The move to launch a professional road racing team follows on from its sponsorship of 's track team.
It will be headed up by British Cycling's director of performance Dave Brailsford who was behind the success of the UK cycling team at the Olympics.
The team's first appearance will be in Australia's Tour Down Under in January next year.
Sky director of commercial group Stephen Nuttall said Team Sky is currently looking to sign up two consumer brands to sponsor the team. It is also yet to sign up kit and bike suppliers.
Nuttall said the popularity of growing popularity of cycling as an activity was largely behind its decision to sponsor the team.
Beyond elite level racing, Sky is also looking to get involved at grass roots level with a series of events around the country. Last year it sponsored the London Freewheel event that allowed cycling unfettered access to the city's roads.
The decision to chase success on the road, and principally the Tour de France, presents an altogether more difficult challenge to the track cycling, so successful in the Olympics.
In the opinion of many observers Britain has never replaced its, arguably, most successful rider Tom Simpson, 1965 world champion and first English speaker to wear the yellow jersey.
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