The 20-year-old Briton last competed for the team in the 2006 Formula BMW UK Championship and joins Carlin having taken pole at the final British F3 round for Eurotek.
Speaking about his Euroseries debut, Oakes said: "It's nice to be joining Carlin again, although I'm jumping in at the deep end; on a track I don't know and on tyres I've no experience of.
"It's going to be a great learning experience; Carlin is obviously a good team, and it will be good to gauge myself against other drivers," he added.
"I'm sure it will be quite a steep learning curve, but I have Brendon as my teammate and I'm really looking forward to driving in the same team as him, and learning as much as I can."
Team Principal Trevor Carlin added: "Oli is a good friend of the team and we are delighted to give him the chance to compete in the final round of the season.
"It will obviously be a tough weekend for him, but I believe he has the ability to help the team move forward."
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