CHARLOTTE, N.C. -- Team Penske finally confirmed Thursday that David Malukas will replace Will Power in a decision that has dogged Power -- in his 17th and final year with the organization -- since it was rumored to have happened as early as the IndyCar season-opening race in March.

Malukas will take over the No. 12 with sponsorship from Verizon in what Team Penske called a multi-year agreement. Malukas has never won an IndyCar race but at 23 years old is more than two decades younger than Power, a two-time series champion, Indianapolis 500 winner and the greatest qualifier in IndyCar history with 71 career poles.

Power's 45 career wins rank fourth on the IndyCar win list. He won at least one race a season every year but 2023, the year his wife almost died from a staph infection.

Malukas just finished his third season in IndyCar and will be joining his fourth team in four years. The first generation Lithuanian American from Chicago becomes only the second driver in Penske history to drive the No. 12.

He was supposed to drive for McLaren Racing in 2024 but broke his wrist before the start of the season in a biking accident and McLaren released him when he was unable to race. He landed at Foyt for this year as part of an alliance with Penske that foreshadowed his hiring.

"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," said team owner Roger Penske.

The team announced the hiring with a picture of Malukas wearing a Verizon-branded shirt -- an indication his single season driving for A.J. Foyt Racing had concluded. Power, meanwhile, signed with Andretti Global but Team Penske won't permit him to do any work for his new team until his contract officially expires at the end of December.

Malukas began his karting career in 2013, won the INDY NXT rookie of the year award in 2019 and then had a breakout 2021 season with seven victories, six pole positions and a series record 16 podium finishes in 20 starts. He finished second in the championship race to Kyle Kirkwood that year.

In IndyCar, Malukas has five top-five finishes and 16 top-10 finishes in 61 races. At the Indianapolis 500, the race Penske holds above any other in the world, Malukas set the fastest lap of the race in 2023 and finished second in May.

"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 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."

David Malukas replaces Will Power at Team Penske after a year of rumors