Victoria will still have two teams in the Super Netball competition with Netball Australia (NA) confirming a replacement for Collingwood.
The governing body announced on Friday that a team based in southeast Melbourne would be the eighth team in the 2024 competition following the Magpies' withdrawal.
Still to be named, the team is owned by media group Sports Entertainment Network, who own radio network SEN and the Perth Wildcats NBL side.
Collingwood announced in late May it would axe its netball program at the end of the 2023 "following a review focusing on the viability of the club's netball program into the future".
The Magpies played in Super Netball for seven years, with limited on-court success.
Co-captain Geva Mentor has already signed with an English Super League netball club after spending 15 years playing in Australia.
NA ran a tender process overseen by a sub-committee that included former NRL boss David Gallop but interested parties were hampered by the short time-frame to get the new team up and running.
In granting the licence, the governing body will operate the team throughout 2023 before fully transitioning to SEN in 2024.
With four basketball teams in its stable, chief executive Craig Hutchison said the group saw netball as an "outstanding entertainment product".
"We see an opportunity here to step up and ensure the Victorian netball community gets the second team it deserves," Hutchison said in a statement.
"It is an outstanding entertainment product and continues to grow on the back of a fantastic season."
Netball Australia CEO Kelly Ryan said SEN had a proven track record in sport.
"This is an exciting development for the competition and shows the future of Suncorp Super Netball is bright as a successful tier one sport," Ryan said in the statement.
"As a successful club owner, national broadcaster and publisher, SEN has a proven track record in the sporting landscape of enhancing sporting coverage and connecting brands to fans."
Netball Victoria boss Andrea Pearman welcomed NA's decision to retain a second Victorian team.
"This is important for the health of the game and the strength of the Suncorp Super Netball competition in our state," Pearman added.
"We extend our support to SEN and look forward to working with them to ensure both Victorian teams are successful on and off the court."