"I'm delighted that Romain Grosjean will be beside Kimi next year, " team principal Eric Boullier said.
Romain Grosjean claimed seventh, finishing ahead of Ferrari's Felipe Massa, Toro Rosso's Daniel Ricciardo and Red Bull's Mark Webber.
Renault's reserve drivers include 23-year-old Frenchman Romain Grosjean and Englishman Adam Khan, 24.
Raikkonen and his teammate Romain Grosjean will both be on the track for the season-opening Australian Grand Prix on March 17.
Its design tends to be gentler on tires and, as a result, Kimi Raikkonen and Romain Grosjean have performed better than expected.
Raikkonen came in second for Lotus ahead of teammate Romain Grosjean in a repeat of the podium placings from last year's race.
McLaren's Jenson Button and Lotus' Romain Grosjean rounded out the top 10.
One place ahead of him is Lotus' Romain Grosjean with Ferrari's Felipe Massa, who set the pace in practice on Friday, in fifth.
The two men who will be behind the wheel for Lotus in 2012 are 2007 world champion Kimi Raikkonen and Frenchman Romain Grosjean.
Testing for the season continued in Barcelona Friday and France's Romain Grosjean , in a Lotus, set the fastest time in dry afternoon conditions.
Toro Rosso driver Daniel Ricciardo put in a strong performance for a career-best seventh place, finishing ahead of Force India's Paul di Resta, Lotus' Romain Grosjean and Hulkenberg.
Massa was happy to finish sixth, ahead of Vettel and Button but behind Red Bull's Mark Webber, fourth-placed Sergio Perez of McLaren and third-placed Romain Grosjean of Lotus.
Kubica's decision leaves the team with a choice of three drivers to fill its two seats, Vitaly Petrov, Bruno Senna and Romain Grosjean, unless they look outside their current line-up.
Massa was later handed a three-place grid penalty after being accused of impeding Mark Webber in the second Red Bull during Q2, with the Australian qualifying eighth behind Lotus' Romain Grosjean.
Sebastian Vettel will start third on the grid after young Lotus driver Romain Grosjean, 26, snatched second place from the reigning world champion in the final seconds of the day's racing.
Romain Grosjean was sixth for Lotus ahead of teammate Kimi Raikkonen, who won the opening race in Melbourne last Sunday but this time started from 10th after being given a three-place penalty for blocking Rosberg during Saturday's qualifying.
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