The new contract means a somewhat rare all-American line-up, with Sting Ray Robb having joined the team from Dale Coyne Racing.
Ferrucci, who arrived at Foyt last year for what was just his third full-time IndyCar campaign, will continue to drive the #14 entry which is based out of the team's Texas workshop.
Their highlight of the 2023 campaign was a third place in the Indianapolis 500, with the Connecticut-born steerer finishing 19th in the drivers' standings and Car #14 in 20th on owners points.
“I'm super-stoked to be back with the team,” said the 25-year-old.
“It's really good to start building some continuity with everybody and I think it's going to improve our results.
“My expectations for the year are to come out of the gate a lot more prepared than we were last year; working with Penske, things are hopefully going to be a lot smoother and I'm looking forward to being back at the Indy 500 again.”
Team President Larry Foyt remarked, “I'm very happy to have Santino back.
“We worked well together, and he brings a good energy to the team.
“Obviously, we have our eyes set on the Indy 500, but we also had some good pace in other races but didn't get the results.
“Together we are focused on moving up in the championship standings and I believe we can achieve that.”
Foyt also confirmed as part of its Ferrucci announcement that it is “not planning to field a third car for the season.”
As such, it is now the two DCR cars which are the only full-time entries yet to be filled.
The 2024 IndyCar Series starts at St Petersburg on the weekend of Sunday, March 10.