The 23-year-old Colombian will be partnering the Frenchman once again, having been his teammate last year at Dragon Racing.
Dragon is not competing full time at the moment, although team owner Jay Penske has said he will participate in the Indianapolis 500.
Saavedra has competed in 38 IndyCar Series races. He has never led a race lap and has finished in the top 10 only twice, both times last season.
Saavedra made his IndyCar debut with Bryan Herta Autosport in the 2010 Indianapolis 500, then spent the next season with Conquest Racing. With AFS Racing’s Gary Peterson as a backer, he ran in 2012 as part of the Andretti Autosport contingent for three races.
His eighth-place finish last year at Baltimore is a career best.