Rangers learnt last week that they would be forced to rebuild from Scotland's fourth tier following their liquidation, after 25 of the 30 Scottish Football League clubs voted in favour of the decision.
SPL clubs met on Monday to discuss the matter and have now agreed that Dundee should replace the Ibrox outfit rather than relegated Dunfermline retaining their place.
"We were always confident that, on sporting merit, it would be us, but we have been in limbo for a few weeks and, only now, can we start to plan properly for the SPL," the club's chief executive Scot Gardiner said.
"We have a very good squad of players and can now add to that squad."
Reports had previously suggested that an 'SPL 2' was a possibility, but the SPL clubs say that they are prepared to fully back the decision to place Rangers in Division Three.
An SPL statement read: "It was agreed that the SPL would work with the Scottish FA, SFL and Rangers to facilitate Rangers FC taking their place in SFL Division 3 this season.
"It was agreed that Dundee FC would be invited to fill the space vacated by Rangers FC in the Clydesdale Bank Premier League."
Dundee will kick off their SPL campaign away at Kilmarnock, before hosting St Mirren at Dens Park. The Dundee derby will also return next year and the clubs' first meeting is scheduled for August 18 at Tannadice.