Penske Racing made it official Monday with the announcement that Daytona 500 winner Ryan Newman will leave the team when his contract expires at the end of this season.

So, I’d expect an announcement in a few days that the Indiana native is joining fellow Hoosier Tony Stewart, the new driver and new part-owner (starting next season) of Stewart-Haas Racing.

This a blow for Penske, which also may be losing Alltel as sponsor of the No. 12 car. Verizon has bought Alltell, and apparently is doing away with the brand, and with Sprint’s exclusive deal in sponsoring NASCAR’s top series, Verizon wouldn’t be able to put its logo on the 12.

Here’s the release from NASCAR, which included quotes from Newman, Roger Penske and a statement from Alltel.

Penske Racing And Ryan Newman To Part Ways At End Of 2008

MOORESVILLE, N.C. (July 14, 2008) - Penske Racing and Ryan Newman have mutually agreed to move in new directions at the conclusion of the 2008 season.

“We want to thank Ryan for his hard work and contributions to Penske Racing over the past nine years,” said team owner Roger Penske. “We wish Ryan all the best for the future and we’ll continue to focus our efforts on making the Chase with Ryan and the Alltel Dodge team this season.”

Newman, driver of the No. 12 Alltel Dodge Charger, is currently in his ninth season competing for Penske Racing. He is ranked 16th in the Cup Series standings through 19 races this season.

“I appreciate Penske Racing and all they have done for me, but more importantly, I appreciate their friendship and what they have done for my career,” said Ryan Newman. “I would also like to thank all of the sponsors, especially Alltel, who have supported me.”

The driver of the Penske Racing No. 12 Alltel car for the 2009 NASCAR Cup season will be announced in the near future.

STATEMENT FROM ALLTEL WIRELESS:

“From the early days in the ARCA series to our team celebration in Victory Lane at this year’s Daytona 500, Alltel Wireless has enjoyed a memorable, eight-year relationship with Ryan Newman,” said Jeff Fox, chief operating officer, Alltel Wireless. “Ryan has been an outstanding representative on- and off-the track, and we’re very proud of the results the partnership has delivered to our brand. We remain committed to our sponsorship of the No. 12 Alltel Dodge and look forward to having Ryan behind the wheel for the rest of the 2008 season. We wish him all the best in his next endeavor.”