Castroneves set to extend Penske deal

The Brazilian has driven for the team since 2000, but his contract was due to expire at the end of this season.

Although the new deal has not yet been officially announced, Castroneves confirmed at Watkins Glen this weekend that a contract renewal had been all but finalised.

"We don't have it signed, but we have everything agreed to," Castroneves told the Indianapolis Star.

As a double Indianapolis 500 winner and with a large public profile following his win in the popular Dancing with the Stars television show last winter, Castroneves is one of the series' most marketable names.

His decision to stay in the IndyCar Series therefore received a warm welcome from the championship organisers.

"You look at the breakthrough names and it's Helio and Danica (Patrick) at this stage," IRL commercial boss Terry Angstadt told the Indy Star.

"Those two are very important names. It's critical to have Helio here not just with his personality but his talent and all the things he brings to the table."

Although Castroneves has not won a race since St Petersburg last year, he has been a consistent front-runner this season and is currently second behind Scott Dixon in the championship.

Penske originally signed Castroneves for 2000 after the death of their intended driver Greg Moore in an accident at the end of the 1999 season. He has remained with the team ever since, winning a total of 18 races in Champ Car and IndyCar, including the 2001 and 2002 Indy 500s.