Last year, the 30-year-old Allmendinger had 10 top-10 finishes and was 15th in points driving Richard Petty’s No. 43 car.
The move, announced Wednesday, takes Penske back to his open-wheel roots.
Allmendinger won the open-wheel Barber Dodge Pro Series title in 2002, the Toyota Atlantics championship in 2003 and was the 2004 rookie of the year in the now defunct Champ Car series. In 2005, he won five races and was third in Champ Car in points. He joined the Cup circuit in 2007.
Busch won two races, took three poles and was one of 12 drivers to compete in the season-ending chase. Two weeks ago, after six bumpy seasons, Busch and Penske parted ways.
Source: Associated Press