Ferrari Land will be the brand's only theme park in Europe. The development will be located in the PortAventura destination resort, which already has a convention centre for up to 4,000 people and four themed four-star hotels.
The new theme park will boast the highest and fastest vertical accelerator ride in Europe, restaurants, shops and large simulation areas for car racing. A five-star hotel will be built in the shape of an Formula 1 car's front wing.
The agreement also lays the groundwork for the possible creation of a permanent base for Cirque du Soleil.
Ferrari World Abu Dhabi was a first for the brand and is currently the largest indoor theme park in the world.
Andrea Perrone, managing director of Ferrari Brand, said: "After the successful experience of the Abu Dhabi Ferrari World we have received numerous requests to launch new Ferrari theme parks.
"We will continue to further look at the launch of additional Ferrari theme parks outside of Europe with no rush, while continuing to maximise the value of our prestigious brand without diluting it."