Joey Logano reached a deal to drive for Penske Racing in 2013.
Logano will drive the No. 22 Ford for Penske.
"I am very excited to join Penske Racing and begin the next phase of my career," Logano said in a statement. "I am looking forward to the opportunity as it will be an honor to drive for Roger Penske and race for wins and championships. I am also proud to represent Shell-Pennzoil as they are a respected global brand that does a great job of activating in the sport on and off the track."
Logano was replaced in Joe Gibbs Racing's No. 20 Toyota by Matt Kenseth. Kenseth, the 2003 Sprint Cup champion, is parting ways with Roush Fenway Racing at season's end.
Joe Gibbs Racing announced the Kenseth deal at a news conference Tuesday afternoon.
JGR president J.D. Gibbs said last week at Bristol Motor Speedway that he was hoping to re-sign Logano and add a fourth Cup team if sponsorship could be found. Logano, who has spent his entire NASCAR career with Gibbs, recently said he was not interested in a part-time Cup ride and full-time Nationwide Series ride, which was one of his options at JGR.
Former JGR teammate Kyle Busch said Logano will be missed.
"I love Joey to death, I think he's one of the best and he's one of the hardest working drivers out there," Busch said Tuesday. "I wish Joey would stay, but obviously if there's something better out there for him, he's got to do what's best for him."
Kenseth announced in June he was leaving the Roush stable after the season. He confirmed then he had a deal with another team, but wasn't allowed to elaborate.
Information from The Associated Press was used in this report.