With his contract up at the end of this year, the Australian has been the subject of speculation.

Team Penske is believed to have some interest in AJ Foyt Racing’s David Malukas. However, the 23-year-old is on a multi-year deal with that team.

Power, a two-time series winner, last won the title in 2022 and has the record for the most pole positions in IndyCar history.

Speaking with Fox Sports, Penske said discussions would begin with Power about his future soon.

“We’ve got a time, negotiating period with Will that we’ve told him about,” Penske explained.

“He understands that completely. We’re not out knocking on doors, and we expect to sit down with him following Indy and as we get toward the end of the season.

“But there’s no secret, his contract is up. He’s done a great job for us. We’re just looking at our options, and I’m sure he will, too. But at the moment, we feel confident that he will be back.

In January, Power said he could continue competing for another five years.

Power said he was aware of the looming interest in Malukas, which is “one of those things”, and that the young gun knocking on the door kept him honest.

Penske said “there are a lot of things” that play into Power’s future.

“You’ve got your sponsors, you’ve got a lot of things. But as far as I’m concerned, he knows what he has to do, and we’re supporting him like we always have,” said Penske.

“We want him to come out of here with a win, if possible. And, obviously, his ability to qualify the way he’s done for us has been outstanding.

“So he’s at the top of the list as far as what we might do next year.”

Power, 44, is in the midst of his 16th season with Team Penske. He’ll qualify for the Indianapolis 500 on Sunday at 1am AEST.

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