"To pair Andrea Iannone, an experienced rider with such a young talent as Alex creates a perfect combination for our challenge.
"We believe that the combination of these two riders, together with the further development of the Suzuki GSX-RR, can help us to create a strong team to compete at the maximum level."
The announcement means Suzuki will be starting with a clean slate on the rider front in 2017.
Maverick Vinales has already confirmed he is off to the factory Yamaha squad to replace Jorge Lorenzo, while Rins's arrival means there is no room for Aleix Espargaro at the team next year.
"It wasn't an easy choice and we feel sorry for Aleix who we would like to thank for his hard work and the real passion he has continued to put in our project since it started," Brivio said.
"We wish him all the best for his future but in the meantime we will support as best as we can to try to get the best possible results together until the end of this season."
The signing also means Suzuki development rider, reigning Moto2 world champion Johann Zarco, will also need to find another home if he wishes to graduate to MotoGP in 2017.