Rice to stay in series for 2007

The 2004 Indianapolis 500 winner was left without a drive at the end of last season, when his contract with Rahal-Letterman Racing was terminated with one year still remaining.

Rice made his Champ Car debut with Forsythe at the end of last year, but despite chasing a drive in the rival open-wheel championship, he has decided to remain in the IndyCar Series.

The deal will be officially announced later today at Daytona International Speedway, where the first pre-season test of the year begins on Wednesday.

"I have to thank (team bosses) Dennis Reinbold and Robbie Buhl for this opportunity, and I also want to thank the IRL for helping put this deal together," Rice was quoted as saying by speedtv.com.

Dreyer & Reinbold have not been at the sharp end of the IndyCar field in recent years, but Rice believes that the team are in s strong position for 2007.

"Some people might look at this as a step backwards but I know it's a step forwards from where I was last year," he said

"I'm not saying we're going to beat Penske and Ganassi, but there's no reason we can't come straight of the trailer and run sixth or seventh."