Last year Silverstone lost the rights to the race, with Circuit of Wales signing a five-year deal to stage the race from 2015, but as the venue in Ebbw Vale has not yet been built, Donington was set to host the race this year.
However, a disagreement over payments saw Donington withdraw from the arrangement earlier this week.
Silverstone, the venue for MotoGP racing in Britain from 2010-2014, has stepped in to fill the void and the race will now take place at the Northamptonshire track for the next two years.
"A lot of work has been done over recent years to ensure MotoGP fans enjoy what Silverstone has to offer, and it was devastating for the venue to lose the event last autumn," commented Silverstone managing director Patrick Allen.
"I welcomed the opportunity to meet with both Dorna and the Circuit of Wales recently so we could try and find a way to keep MotoGP in the UK and racing at Silverstone.
"Two-wheel racing is as much a part of Silverstone's heritage as four-wheel racing and I am obviously delighted to be in a position to announce we are hosting both the F1 and MotoGP Grands Prix in 2015.
"We have recently introduced a family-friendly pricing policy for the Formula One British Grand Prix which is proving extremely popular.
"Over the next two weeks I will be working closely with my team at Silverstone to launch a ticket model for MotoGP I hope will be equally well received by fans."
The race, round 10 of the championship, will take place on August 30.