David Malukas will replace Will Power behind the wheel of Team Penske's No. 12 Chevrolet next season.
The IndyCar Series team announced the news Thursday, about two weeks after parting ways with Power after 17 seasons.
Malukas, 23, was the runner-up at the Indianapolis 500 on May 25 driving the No. 4 for A.J. Foyt Racing.
The Chicago native signed a multiyear contract and joins Penske veterans Josef Newgarden and Scott McLaughlin.
"Racing for Team Penske is the goal for every young race car driver, and
I am honored to be one that gets to live out that dream," Malukas said. "Will Power is one of the legends of our sport, and the No. 12 Verizon Chevrolet is one of the most recognized cars on the grid. These are big shoes to fill, but I look at it as an opportunity because I know that it is one of the best teams in the paddock."
Malukas has collected three podium finishes in 44 races since making his IndyCar Series debut in 2022.
"We are excited to add David Malukas as the next driver of the No. 12 Verizon Chevrolet," team owner Roger Penske said. "We feel that Team Penske will provide David everything needed to take the next step in his career, and we are confident that he will continue the great legacy of the Verizon Chevrolet."
Malukas will make his Penske debut at Florida's St. Petersburg Grand Prix on March 1.
Power, 44, was let go on Sept. 2 after a long career that has included 43 wins -- including the 2018 Indy 500 -- and two series championships (2014, 2022).
--Field Level Media
