The former ART driver, who took one win in his rookie season, previously raced with SG in the 2007 Formula Renault Eurocup, where he finished second in the championship.
Team boss Stephane Guerin was delighted to work with Lancaster again.
"At the end of the 2007 season he won six out of eight races - he was unbeatable," said Guerin.
Henkie Waldschmidt stays on with SG for a second year of F3, while Andrea Caldarelli graduates from their FRenault squad. Both men are members of Toyota's young driver programme.
Guerin is expecting a big step forward from his team in their second F3 Euro Series season. Former champion (and another SG FRenault driver) turned Renault Formula One reserve Romain Grosjean assisted with the team's testing programme during the winter.
"The big difference this season compared to last is that we are ready," said Guerin.
"This year we are not rookies anymore; our aim in F3 is to be amongst the front-runners a lot more often. To achieve that aim we have to progress on the technical side but we also have to help our drivers to improve.
"This year we'll be expecting a lot more from Henkie Waldschmidt. His talent and turn of speed are not in dispute but now it's up to him to make experience count. Andrea Caldarelli has adapted well to the team's methods in Formula Renault 2.0, but he's not lost an ounce of his Italian passion."
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