Malukas has long been rumoured to replace Will Power at the team, and with the Australian’s departure to Andretti Global sealed, the 23-year-old has been signed by Roger Penske.
Malukas will race the #12 with backing from United States telecommunication giant Verizon.
“We are excited to add David Malukas as the next driver of the #12 Verizon Chevrolet,” said team owner Penske.
“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 made his IndyCar debut in 2022 with Dale Coyne Racing off the back of finishing second in the 2021 Indy Lights (now Indy NXT) series.
He spent two years with Dale Coyne before a move to McLaren. However, he never raced for the team after he broke his wrist in a mountain bike accident and had his contract terminated.
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Malukas sat out the first half of the 2024 season before replacing Tom Blomqvist at Meyer Shank Racing. He then joined AJ Foyt Racing in 2025.
Malukas is not yet a race winner in the series but has three podiums to his name.
He joins incumbents Scott McLaughlin and Josef Newgarden at the team.
In a statement, Malukas made mention of Power and racing with the number the Australian became synonymous with.
“Racing for Team Penske is the goal for every young racecar driver, and I am honored to be one that gets to live out that dream,” said Malukas.
“Will Power is one of the legends of our sport and the #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 will make his first start with Team Penske at the Grand Prix of St Petersburg on March 1 next year.
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