Irn-Bru First Division runners-up Dundee were chosen ahead of relegated Dunfermline during the league's annual general meeting at Hampden today.
Rangers newco chief executive Charles Green and manager Ally McCoist arrived at Hampden ahead of the meeting.
But, despite reports of a possible U-turn in recent days, SPL clubs agreed to work towards the decision made by Scottish Football League clubs to put the Ibrox club in the Third Division.
An SPL statement read: "It was agreed that the SPL would work with the Scottish FA, SFL and Rangers to facilitate Rangers FC taking their place in SFL Division 3 this season.
"It was agreed that Dundee FC would be invited to fill the space vacated by Rangers FC in the Clydesdale Bank Premier League."
Ten SPL clubs voted to reject the Rangers newco application to the top flight on July 4 but a plan from the executives of the three main football authorities to put them in the First Division was subsequently rejected by 25 SFL clubs.
That sparked reports of a potential U-turn and St Mirren chairman Stewart Gilmour warned his club would be among five in the SPL who would struggle to remain solvent in the coming weeks and months.
But Aberdeen, Inverness, Dundee United and Hearts insisted over the weekend that there would be no revisiting the vote.
And the SPL statement appeared to shelve plans for a an SPL2, which was mooted by SFA chief executive Stewart Regan when he spoke to SFL clubs detailing his predictions for the impact of the various scenarios.
The decision to promote Dundee could spark legal action from Dunfermline, who believed precedents meant they should have been reinstated.
The plan put to SFL clubs by Regan and SPL chief executive Neil Doncaster involved promoting Dundee.
The SPL also announced the new make-up of the organisation's board with Ralph Topping re-elected as chairman.
St Johnstone chairman Steve Brown and Motherwell vice-chairman Derek Weir stepped down from the six-man board.
Aberdeen chief executive Duncan Fraser, Kilmarnock chairman Michael Johnston, Celtic director Eric Riley and Dundee United chairman Stephen Thompson will serve beside Doncaster and Topping next season.