Newman, the 2008 Daytona 500 champion, will drive the No. 4 Chevrolet for the team as its second driver.
The announcement was made Friday at the Michigan International Speedway, the site of this weekend's Sprint Cup 3M Performance 400 auto race.
"It's a great opportunity," Newman said.
In July, he and Penske Racing said they would part at the end of this season after a relationship that began in 2000.
Newman has 13 wins in 246 career starts.
He was NASCAR's rookie of the year in 2002 and his 43 career poles are 10th on the all-time Cup pole winners list.
"Tony's a great competitor in a great many ways because he's tough, but respectful," Newman said prior to the LifeLock.com race on July 12. "He's been a good friend on and off the racetrack, specifically off and he's done a lot to help me and guide me."