A new MotoGP team run by ex-Formula One engine designer Mario Illien will make their debut at next week's Portuguese Grand Prix.
McCoy used to ride for Foggy Petronas in World Superbikes
Australian Garry McCoy has been entered to ride the Ilmor 800cc machine in the race as a wildcard after the team completed a test in Jerez this week.
MotoGP's rules are changing next season with the maximum engine capacity reduced from 990cc to 800cc.
Illien designed F1 championship-winning engines for McLaren in 1998 and 1999.
Ilmor engines have also won the Indy 500 on 11 occasions.
After a takeover by Mercedes, which also owns 40% of McLaren, Swiss-born Illien bought out the special projects side of the business to found a new Ilmor company last year.
McCoy, a 500cc winner with Red Bull Yamaha in Portugal and Valencia in 2000, will compete in the final two races of the MotoGP season.
"It's such an exciting project," said the Australian, who nevertheless has modest expectations for the remainder of this season.
"Even though we have tested well so far, I'm not placing big expectations on the first two races."