McLaren will return to full-time IndyCar competition from 2020 in partnership with Arrow Schmidt Peterson Motorsports (Arrow SPM) and Chevrolet.
The team have not competed full-time in IndyCar since 1979, but launched an unsuccessful attempt to qualify for the Indy500 with Fernando Alonso.
Under the deal, Arrow SPM will be renamed Arrow McLaren Racing SP and will field two Chevrolet-powered cars in the 2020 NTT IndyCar Series.
McLaren Racing sporting director Gil de Ferran will lead the IndyCar programme, heading a separate group independent of the Formula 1 team.
“IndyCar is a natural fit for McLaren, given our legacy and determination to succeed at the top levels of international motorsport,” de Ferran told the official McLaren website.
“Our ambition, over time, is to consistently compete for wins and championships. We acknowledge the challenge ahead of us but McLaren is committed to this partnership and to supporting the team as a whole.”
McLaren Racing CEO Zak Brown said: “IndyCar has been part of McLaren since our early years of racing, and the series today provides not only a commercial platform to continue to grow our brand in North America, but competition with some of the best teams in international motorsport.
“This team provides McLaren with the right synergy as a strategic partner for our return to the sport. We believe together we can help each other achieve our mutual ambitions. Sam Schmidt and Ric Peterson have built a solid foundation and we look forward to working together to take the team to the next level.
“I’m absolutely delighted that we will expand our relationship with Arrow Electronics across both F1 and IndyCar, while renewing our long affinity with Chevrolet as our engine partner. McLaren and Chevrolet have a special history together in North America and it is fitting they are part of our full-time return to IndyCar.
“We come to IndyCar in full respect of the sport, our competitors, the fans and the task ahead. At our core, we at McLaren are racers and where there’s competition that puts us to the test, we will race. The NTT IndyCar Series provides such a challenge.”