The Italian tyre manufacturer has come under heavy scrutiny this year after a series of controversies, most notably at the British Grand Prix.
The race at Silverstone was overshadowed by several high-speed blowouts, forcing Pirelli to act swiftly to guarantee the safety of not just the drivers, but also fans and marshals.
Sebastian Vettel and Fernando Alonso then suffered punctures during second practice for the Belgian Grand Prix, prompting all drivers to demand assurances the tyres are safe.
Despite the high-profile setbacks, Pirelli still has the backing of FIA, who on Friday finally signed off on a new Concorde Agreement with the Formula One group.
A statement from the FIA said: "One of the noteworthy aspects of the new 2013 Concorde Agreement is the new tender procedure for appointing single suppliers in the tyre and fuel categories, for the FIA F1 World Championship.
"In this new process, the FIA will be confirmed as the body in charge of conducting the tender process. The Commercial Rights Holder will be entitled to run the commercial negotiations with potential suppliers, with a view to the selected single supplier being officially appointed by the WMSC.
"In order to cover the transition period and considering the contracts already settled by FOM and the Teams with Pirelli, the WMSC today confirmed that Pirelli may continue to supply tyres to competitors in the FIA F1 World Championship, subject to the requisite technical and safety standards of the FIA being met."
In the same statement, New Jersey was announced as one of three provisional venues in an unprecedented 22-race calendar for the Formula One 2014 season.
The inaugural event should have occurred this season on June 16 - as part of a North American double header, with the Canadian Grand Prix the week before - but failed to do so because of financial issues.
Despite appearing on the World Motor Sport Council's provisional list - alongside Mexico and Korea - there are still doubts that the Grand Prix of America, along the Hudson River and with the Manhattan skyline serving as a backdrop, will go ever go ahead with monetary worries persisting.
As things stand, however, it is slated to be the eighth race of the campaign on June 1, with the race in Canada this time down for the following week.