Lundgaard joined the Renault Sport Academy in 2017 and last year competed in the FIA Formula 3 championship, ending the season sixth in the drivers' standings.
He is set to race in the FIA Formula 2 series this year, however the start of the season has been put on hold due to the coronavirus outbreak.
Head of the academy Mia Sharizman told Danish publication BT: “Our goal in having him at the academy has always been to get him in F1 with us.
"Now he has to run Formula 2 first to collect enough points for the super license you need to have in Formula 1.”
Drivers need 40 points to accumulate an F1 super licence, and Lundgaard currently has 18 collected through championship results.
Sharizman added: "We believe that with what we have seen from him in Formula 3 and Formula Renault, we believe he will take the step further with us.
"We hope so, but the final step into F1 is also about having a really good season in Formula 2.”
Bahrain International Circuit - Winter testing