Penske will expand its V8 Supercars team to two Fords from 2016 and has signed race winner Fabian Coulthard to join Scott Pye.
The legendary American team entered the Australian series in partnership with Dick Johnson Racing this year.
It initially ran returning two-time champion Marcos Ambrose, but the ex-NASCAR racer stepped down early in the season and was replaced by Pye.
Penske team president Tim Cindric said: "Expanding to two cars has always been a priority of ours, and with Fabian on board, gives us the opportunity to add another car capable of running at the front."
British-born New Zealander Coulthard, second cousin of former Formula 1 racer David, has taken five V8 wins in recent seasons with Holden team Brad Jones Racing and is currently fifth in the standings.
"The chance to race for two motorsport legends like Dick Johnson and Roger Penske is a special opportunity," said Coulthard.
"I'm looking forward to next season and helping the team grow and race at the front of the field."
Ambrose returned as Pye's co-driver for the season's endurance leg, and said he fully supported the decision to hire Coulthard.
"My number one priority since stepping out of the car full-time was helping the team with that transition and in Fabian and Scotty, the team has a great future ahead for 2016 and beyond," he said.
While Ambrose's future as a full-time driver appears over, the team has left the door open for the 39-year-old to continue as one of its endurance race co-drivers.