Simona de Silvestro will return to the Indianapolis 500 this season driving with female-operated newcomers Paretta Autosport, along with support from Team Penske.
The team, created by former SRT Motorsports director Beth Paretta, is part of Roger Penske's 2020-initiated program "Race for Equality & Change" and will showcase women in motorsports.
Paretta Autosport will "integrate women in the team to ensure that it provides opportunities, including competition, operations and administrative roles such as logistics, marketing and public relations", according to IndyCar's release.
The team will receive technical support from Team Penske and Chevrolet power in its bid to qualify for the 105th running of the race, racing with number 16.
"Today is the beginning of a commitment to gender equity in sport, to encourage women to work hard so they can earn their seat at the table or spot on the grid," said Paretta.
"IndyCar has been a leader and a welcoming place for women for many years because of the hard work of many women and men before us, but now we have a stronger commitment with IndyCar's 'Race for Equality & Change' to make sure opportunities continue in the future.
"Our team, along with our technical alliance with Team Penske, will work hard to give Simona the best car we can provide so she can achieve her best results. Competition drives us.
"The Indy 500 is the greatest race in the world, and one day soon we hope to have a woman's face on the Borg-Warner Trophy."
Swiss driver de Silvestro competed in IndyCar for four years between 2010 and 2014 for HVM Racing and KV Racing, recording a best result of second at the 2013 Grand Prix of Houston in 67 starts.
She then moved on to Australian Supercars while also competing in the 2015-2016 Formula E season for Amlin Andretti.
After three full Supercars campaigns, de Silvestro joined Porsche as a works driver in 2019 and raced for Timo Bernhard's Kus Team 75 in the 2020 ADAC GT Masters.
"I am very excited to have this incredible opportunity to return to Indianapolis and the Indy 500 with Paretta Autosport this year," de Silvestro said.
"My career really took off through my time competing in IndyCar and the Indy 500, so returning to compete with Beth and her new team in alliance with Team Penske is a special and rare chance in my career.
"Being part of the goal of diversity and inclusion for everyone, and especially women in IndyCar, and in motorsports in general, is very important to me and how I would like to see the future of racing."