Pierre Gasly has had a rough season for Red Bull and has failed to make an impact at the top, his struggles emphasised by Max Verstappen's great form. Albon will replace Gasly at Red Bull with the Frenchman dropping back down to Toro Rosso for the remainder of the season.
The changes will take place with immediate effect and Albon's first race in a Red Bull will be the Belgian Grand Prix at Spa.
On their website, Red Bull revealed they would use the next nine races to make a decision as to who will join Verstappen at Red Bull next season.
"Alexander Albon is being promoted to the Team to drive alongside Max, while Pierre will return to the Red Bull sister team, Scuderia Toro Rosso," the statement read.
"Red Bull are in the unique position of having four talented Formula One drivers under contract who can be rotated between the Team and Toro Rosso. The Team will use the next nine races to evaluate Alex’s performance in order to make an informed decision as to who will drive alongside Max in 2020.
"Everyone at the Team looks forward to welcoming Alex and supporting him during the next phase of his F1 career."