For now there is no word on whether the team will also retain Perez, even though the Mexican has consistently stated in numerous weeks his desire to remain.
For Hulkenberg, next term will be his fifth competitive campaign in F1 since making his debut with Williams in 2010.
After being dropped by the Grove-based team, Hulkenberg was signed by Force India as test driver for 2011 prior to being promoted to a race seat for 2012.
Surprisingly, Hulkenberg then switched to Sauber for 2013, only to return to Force India for the current season.
Believing the future is bright with Force India, Hulkenberg added:
"The team has big ambitions and I believe we can have a competitive package again next year.
"We have a strong partner in Mercedes and everyone in the team is motivated and hungry for more success. I have a good feeling for 2015, and there is a lot to be excited about as we try to build on the results we have achieved this year," he said.
Mallya has confirmed that holding on to Hulkenberg on this occasion was an easy decision.
"Everybody in the team is delighted to see Nico remain a Force India driver for next season," he said.
-Independent