The Futures Tour has been the LPGA Tour's official developmental tour since 1999.
Terms of the sale weren't disclosed during Wednesday's announcement at the HSBC Women's World Match Play Championship.
The Futures Tour has a 19-event schedule this year, with the top five money-winners earning 2008 LPGA Tour cards.
'This agreement solidifies what all of us have been working toward for years -- a cohesive tour system for the best talent in women's golf,' Futures Tour president and CEO Zayra Calderon said.
Duramed will remain the title sponsor, and Calderon will stay as president and CEO of the Futures Tour and become a member of the LPGA Tour's senior management team. The Futures Tour staff will relocate from Lakeland, Fla., to LPGA Tour headquarters in Daytona Beach, Fla., by the end of the year.