Quaife-Hobbs dominated Auto GP with Super Nova in 2012.
He will line up alongside Daniel de Jong at MP as it makes its GP2 debut.
Team manager Sander Dorsman described the signing of Quaife-Hobbs as a "great coup."
"He's held in very high regard by a lot of people and his performances in Auto GP last year proved what a really talented racer he is," said Dorsman.
MP also announced that Formula Renault graduate Meindert van Buuren will join Riccardo Agostini in its Auto GP programme, which is run in conjunction with Manor.