"Jeremy has done all we asked of him and more as part of what has been an enormous challenge in 2007 for the entire program," Davis said in a statement. "It has been a huge undertaking to bring Toyota online for their first NASCAR Nextel Cup season at the same time all the teams in the sport were facing dual competition platforms as we transitioned to the Car of Tomorrow."
Mayfield drives the No. 36 Toyota. He has qualified for only eight of the 21 events.
"I've been in this sport long enough to know that it takes time to bring a brand new car up to speed in what is probably the most competitive racing series in the world," Mayfield said. "When I made the decision to move here with an untested car and a sponsor completely unfamiliar with NASCAR, I knew it would be somewhat of a gamble."