Alonso sensationally quit the sport last year to focus on trying to achieve the Triple Crown.
Only one man has previously won all three of the Monaco Grand Prix, 24 Hours of Le Mans and Indy 500.
Alonso is hoping to achieve that feat when he drives for McLaren in the Indy 500 later this year.
But in the meantime he will work on trying to help young English star Lando Norris with his vast experience which saw back-to-back World Championship wins in 2005 and 2006.
“I am particularly passionate about nurturing young talent, whether that’s with my own team or helping the new generation of Formula 1 drivers at McLaren unlock their true potential,” Alonso said.
“This is important to both the team and myself, so will be an especially rewarding part of my role.”
Alonso also explained why he returned to McLaren’s F1 set-up.
“Becoming a McLaren ambassador is a true honour. It is a special team, and despite the challenges we have endured recently, it remains so,” he added.
“I said before I stopped racing in Formula One last year that I see myself with McLaren for a long time to come, so I am delighted at this new role and the ability to stay closely involved with the team I feel is my spiritual home.
“We have the Indianapolis 500 in May of course, which I am looking forward to immensely, but this is just the beginning of many things we can do together.”
McLaren chief executive Zak Brown said: “For any race team, having someone of Fernando’s class on hand to provide support through his experience is of huge value.
“His insights and perspective will be welcomed by both our drivers and engineers alike, while his stature and character remain highly appealing to our partners and fans.”
Alonso was spotted with his helmet in hand at Barcelona testing this week.
And McLaren confirmed the Spaniard will test for their 2020 cars.
“He will also drive at selected tests to support the development of MCL34 and MCL35 for 2020,” the team added.
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