Chris and Colin Weir are sponsoring 15-year-old Gregor Ramsay in his first season racing in the European and Italian Formula Three European Abarth series, where he will race against much older drivers.
The Weirs won a £161 million Euromillions rollover jackpot in July last year and will co-sponsor Gregor along with billionaire Clyde Blowers chairman Jim McColl.
Gregor, from East Kilbride, South Lanarkshire, races with Swiss team Jenzer. However, he is being mentored by Ferrari, and he will join their driver academy when a place becomes available.
As fans of Formula One, the Weirs said they were pleased and proud to provide sponsorship.
Mrs Weir said: "Gregor is an exceptionally gifted driver and to have achieved what he has by the age of 15 is astonishing.
"He has been well-supported by family, friends and Clyde Blowers for a number of years. But when we heard he needed additional financial support, we were only too happy to step forward.
"Gregor is already world-class. As the youngest driver in F3 Abarth, he is racing against the best 18 and 19-year-olds in the world.
"With the prospect of attending Ferrari's driver academy, he has an amazing future ahead of him and, as F1 fans, we will be watching his progress with close interest.
"We are very pleased and proud to be in a position to provide this sponsorship for him."
The amount of sponsorship on offer has not been disclosed.
The Ferrari academy aims to train the best young talent in motorsport for a future in Formula One.
It has six drivers, each with an engineering team wherever they race.
Gregor said: "I am so grateful to Chris and Colin for giving me the balance of sponsor- ship money I needed for this season. It means I can focus on my driving without worry-ing about raising any more money. I can't thank them enough and it's great to have them on my team."
The teenager is currently second in the European Rookie Championship and will race in Hungary this weekend.
His father, Scott, was a Formula Ford champion and took his son karting at Cambuslang when the youngster was just nine. Within a year, Gregor was racing competitively.
He hopes to one day follow in the footsteps of Paul Di Resta, from Bathgate, West Lothian, who is currently racing in F1.
The Weirs appeared on the Sunday Times Rich List for the first time this weekend, joining 74 other Scots.
Last year the couple made a £1 million donation to the SNP and also contributed to an appeal to keep the Waverley Paddle Steamer in service on the River Clyde.