Confirmation of the move comes just days after the IndyCar Series season finale in Nashville.
It ends a storied partnership between the two heavyweights, which together brought two IndyCar titles and an Indianapolis 500 win.
Power joined the team in 2009 and has been a staple ever since.
“As we sat down to talk about our future together, Will felt that it was time for him to make a change beginning with next season,” said Roger Penske.
“He has been an outstanding driver and teammate for our organisation. His results speak for themselves, and we wish him the very best in the next phase of his career.”
Power stands atop the pile in the record books for the most pole positions with 71 to his credit.
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His tally of race wins totals 45, and 42 of those came at Team Penske in one of the most competitive eras of the sport.
“It’s been the honour of my life to drive for Roger and the Penske organisation,” said Power.
“We have accomplished so much together, and I will always be grateful for my time with the team and my teammates who have supported me along the way.
“After much consideration, I felt like a change for me was the right move at this time.”
The switch comes despite Power being the best of the Team Penske trio in 2025, finishing ninth in the standings ahead of Scott McLaughlin in 10th and Josef Newgarden in 12th.
Team Penske looked like it might go winless this year until Power ended the drought at Portland.
That ended a period of suffering for the team after the high-profile attenuator saga that saw three sackings, including Tim Cindric, Ron Ruzewski, and Kyle Moyer.
Power’s next move is unclear. However, there is a rumoured move to Andretti Global if Colton Herta makes a shock switch to the FIA Formula 2 Championship.
Herta is still thought to be the hot favourite to eventually join Cadillac, and a season of F2 competition would prepare him on the European circuits before an F1 graduation.
As for who will replace Power, it’s expected AJ Foyt Racing driver David Malukas will take his place.
AJ Foyt Racing and Team Penske has a technical relationship, and Malukas has long been the favourite to move across.
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