The Austrian will obtain a racing licence and become a race driver with the Audi race experience team on the Nürburgring-Nordschleife.
The Audi race experience makes it possible for Audi's customers with sporting ambitions to enter racing.
As a guest entrant, Baumgartner has been gathering some racing experience in recent years during occasional runs in the one-make cups of the Volkswagen Group.
The big difference in the 2014 season is the Audi R8 LMS ultra provides him with a 419 kW (570 hp) 'pure-bred' GT3 race car.
The 44-year-old is completing an extensive preparation programme before competing in the 24-hour race at the Nürburgring on June 21/22, 2014.
"This task is totally exciting and I'm looking forward to driving races in an Audi," said Felix Baumgartner.
"During initial tests in the road-going Audi R8 I got to know the Nürburgring, and in the Audi R8 LMS ultra I've clocked a few kilometres on various tracks as well.
"I regard this task as one of the major projects in my life. The environment is perfect, the atmosphere is fantastic, and I feel really well taken care of by the Audi race experience.
"But it's also clear that I'm basically starting from scratch because this sport is new for me."
Former professional rally driver Josef 'Sepp' Haider, now the Audi race experience's sporting director, is one of the instructors of his Austrian compatriot.
"Felix is approaching his new task in exactly the manner that is the hallmark of a pro," he said.
"He's eager to learn, has good judgment of the physical conditions, and is totally motivated.
"All team members have come to respect him in the initial tests. I'm very much looking forward to our joint journey."