Rio had wanted to take the race but their bid to build a new track fell foul of environmentalists who protested the loss of a tropical forest which would have been felled to accommodate a new circuit.
In a statement confirming the widely-expected move, Liberty Media said American Carey would take a position as the sport’s non-executive chairman.
Mugello will be the fourth Italian circuit to host a championship grand prix, after Monza, Imola and the Pescara road course.
Formula 1 2020: No race cancellation even if driver tests positive for COVID-19, says CEO Chase Carey
Formula 1 plans to race without spectators, at least initially, and teams will fly in on charters and be isolated from the local population.
Formula 1: FIA agrees to cap F1 teams spending to $145 million in 2021, will scale down in subsequent years
FIA said in a statement that the cap will be scaled down to $140 million in 2022 and $135 million for 2023-2025, based on a 21-race season. It excludes driver salaries and engine costs.
The Liberty Media-owned sport reported first quarter revenues of $39 million on Thursday, compared to $246 million in the same period last year, with no races scheduled for Q2 either.
Coronavirus Outbreak: Formula 1 CEO Chase Carey says they hope to start delayed season with Austrian Grand Prix in July
Formula One hopes to start its delayed 2020 season in Austria in July without spectators before ending in Abu Dhabi in December after races in Asia and the Americas, chairman and CEO Chase Carey said.
Sources said those on furlough were mainly Formula One employees whose work was race weekend focused and who could not carry it out remotely. The company employs in excess of 500 people.
Formula One expects to run a shortened season of 15-18 races once racing can resume after the coronavirus pandemic, hopefully during the European summer, chairman and chief executive Chase Carey said.
Coronavirus pandemic: F1 CEO Chase Carey apologises to fans as COVID-19 affects early part of season
Formula One CEO Chase Carey has apologized to fans for the early part of the series being called of by the coronavirus outbreak.
Coronavirus pandemic: Formula 1 chief executive Chase Carey feels season is in turmoil post cancellation of Australian GP
The Formula One season was thrown into doubt with the cancellation of the Australian Grand Prix due to the coronavirus, with chief executive Chase Carey saying it was 'challenging' to predict when the next race might take place
Formula 1, which will have a record 22 grands prix next year with the 10 teams flown around the world, said carbon reduction projects would start immediately.
Formula 1 chairman Chase Carey says organisers will have to overcome several hurdles ahead of proposed Miami race
Next year’s calendar is set to expand to a record 22 races and Carey said the Liberty Media-owned sport had no ‘magic number’ in mind for further expansion
Formula One: F1 teams should have no say in sport's governance, says Formula E chief executive Alejandro Agag
Formula One teams should have no say in the governance of the sport because they follow their own agenda and are an obstacle to change, Formula E founder and chief executive Alejandro Agag said on Thursday.
Formula 1 2019: Hanoi inaugural race to be 'uniquely exciting' thanks to street track, says F1 CEO Chase Carey
The track is around Hanoi's My Dinh stadium, about 13 kilometres from the city centre after it was deemed too expensive to hold the race in the city's famed Old Quarter
Formula One implementing contingency plans to deal with Brexit's consequences, to consider moving operations to mainland Europe
Several Formula One teams have warned that Britain's departure from the European Union, especially if it comes without a withdrawal agreement, will create logistical nightmares for an industry that relies on international staff and specialised goods moving in and out of Britain
Formula One teams receive less money in 2018 from commercial rights holders Liberty Media, despite rise in sport's revenue
The growth in other Formula One revenue was due primarily to higher logistics revenue, digital media and TV production related revenue as well as fan engagement activities
President Sergio Marchionne said F1 had been "part of our DNA since the day we were born" on a conference call discussing Ferrari's financial results on Thursday.
In the recent past, Asia has been one of the biggest market failures for Formula One to capture with exits in India, Korea and Malaysia (in 2018).
"India is a country that certainly has great potential and as we go forward, we will continue to study. We have so far not got a chance to engage in depth yet, it has only been a little over half a year since the complete change in ownership," said Carey in response to a PTI query.