Red Bull say they will "use the next nine races to evaluate Alex's performance" and make a "decision as to who will drive alongside Max in 2020".
While teammate and former Red Bull Racing driver Daniil Kvyat sits ahead of Albon in ninth place in the driver standings with 27 points with six top 10 finishes, including a third place finish in the German Grand Prix, Albon had shown more consistency, posting an average finish of 11.67 compared to Kvyat's 12.00.
"Everyone at the team looks forward to welcoming Alex and supporting him during the next phase of his F1 career".More news: National Basketball Association 2019-20: Some tip-offs earlier, back-to-backs down again
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Gasly is set to replace Albon at Toro Rosso for the remainder of the 2019 season.
Recently, Toro Rosso team boss Franz Tost played down Albon's chances of stepping up to Red Bull, arguing that the 23-year-old needed more experience.
Mr Albon now sits 15th in the world championship having scored 16 points. The Thai driver, who was dropped from Red Bull's young driver programme in 2012, was signed to Nissan to compete in Formula E at the time, but was able to negotiate a release from his contract to make his F1 debut with Toro Rosso in March. And secondly, all bets were on the more experienced Daniil Kvyat from Russian Federation instead of the 23-year-old newcomer with dual nationality.
Alexander Albon has been promoted to Pierre Gasly's Red Bull seat for the rest of the season. Expectations will be kept in check with Albon, however, as the 2019 season is his first in F1 and he was only drafted into Toro Rosso at relatively late notice over the winter.