Bobby Labonte will contest a limited NASCAR Sprint Cup schedule with Phoenix Racing in 2014, starting with a second car at the Daytona 500.
The 2000 Cup champion had been without a ride since losing his seat at JTG Daugherty Racing to AJ Allmendinger, and said that he was excited by the opportunity to extend his Cup career.
"I am grateful and excited to return to Daytona with Phoenix Racing," he said.
"The Daytona 500 is obviously a special event for everyone involved in the sport. I can't wait to get back in the car for my 22nd Daytona 500."
Details of Labonte's programme beyond Daytona are yet to be announced, as are the identity of his crew chief, car number and sponsor.
The team is also yet to confirm who its lead driver will be.
Phoenix's lack of owner points for its second car means that Labonte will have to qualify his way into the Daytona field.
But he will also be able to claim a past champion's provisional slot if it is not used by Kurt Busch, who will also go into Daytona without owners' points to fall back on as he joins Stewart-Haas to drive a new fourth entry.