Rosberg has jumped ship from Williams to Mercedes, partnering Schumacher, while Poland's Robert Kubica arrives at Renault where he will be partnered by Russia's first driver Vitaly Petrov.
Brazilian Rubens Barrichello, Button's Brawn team-mate last year, is starting over at Williams along with German rookie Nico Hulkenberg.
Toyota and BMW have departed, although the latter's name lives on for the time being at Sauber, while the grid has expanded from 10 to 12 teams with the arrival of Virgin Racing, Lotus and Spanish-based HRT.
Virgin, owned by Richard Branson, will be taking on the Lotus team of Airasia owner Tony Fernandes in a battle of aviation entrepreneurs.
Bruno Senna, nephew of the late triple champion, has signed up for the HRT team with Indian Karun Chandhok.
The calendar has been expanded to 19 races from 17, with Canada returning and South Korea making its debut.
"This year I would say it's been fantastic, because of the publicity we've had, with world champions in competitive cars, new teams coming in," said Button.
"I can't wait for the first race. I think it's going to be a very special season," he added.
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