Pagenaud has finished in the top five with Sam Schmidt’s team in each of his full-time IndyCar seasons so far.

Team boss Roger Penske said the 30-year-old Frenchman had made a big impression while battling with Penske drivers in recent years.

“Simon Pagenaud is a very talented, focused and determined driver,” said Penske.

“We know how tough he has been to compete with over the last few seasons and we are very happy to welcome him to Team Penske starting in 2015.

“With Simon coming on board to join Will, Helio and Juan, we feel we have four drivers very capable of winning on any given weekend and four guys who are legitimate championship contenders.”

Pagenaud was team-mate to Penske’s current IndyCar champion Power at Walker Racing in Champ Car in 2007, having won the previous year’s Atlantic title.

He then moved into sportscars when Champ Car and IndyCar merged for 2008, racing for de Ferran and Highcroft in the American Le Mans Series as well as being part of Peugeot’s factory LMP1 programme.

A handful of IndyCar outings with Dreyer & Reinbold and HVM during 2011 paved the way for his subsequent full-time return to American competition with Schmidt.

“Getting a chance to race for Team Penske is almost like a dream to me,” said Pagenaud.

“I have always admired the team and everything that Roger Penske has accomplished in racing.

“I am so excited to become a part of Team Penske and I can’t wait for the 2015 season to start.”