The former MotoGP and World Superbike rider recently filled in for the injured Karel Abraham for AB Motoracing at the Indianapolis Grand Prix in August and it is understood the 2010 Moto2 champion will replace Corti for the five remaining races.
Elias, who spent 2014 in the World Superbike championship with Aprilia, has been seeking a return to the Grand Prix scene and Forward Yamaha had been interested in the Spaniard's services for a number of weeks.
Corti has contested four races for Forward Yamaha in 2015 after Stefan Bradl left the team midway through the season to switch to Aprilia. The Italian has struggled to perform on the Yamaha with his best result an 18th coming at Silverstone.
Forward Yamaha has paid a 'special thank you' to Corti for his professionalism in a challenging situation and have wished him a bright f uture.
"We are delighted to welcome Toni Elias to our team for the rest of the season, five races to go, two of which are in Spain," Giovanni Cuzari said. "We are proud to have a former World Champion riding the Yamaha Forward for the remaining five races.
"Special thanks to Claudio, who has always been close to Forward Racing, and has stayed with us in the past few races putting himself fully at the team disposal."
"I can't be happier to be back racing in MotoGP," Elias said. "This year I was already on track at Indianapolis but only for one race, with Forward I get the chance to finish the season. I wish to thank Giovanni and the whole team for this great opportunity.
"The goal is to work hard and enjoy the ride, the results will come. I am very motivated and enthusiastic."
