Kurt Busch and Stewart-Haas Racing are expected to announce a new sponsorship for 2016, as well as a contract extension for Busch in a Wednesday press conference.
Busch and team co-owner Tony Stewart will attend, according to a team media release.
Busch and other team co-owner Gene Haas have already agreed on a contract extension, according to Motorsport.com, but were reportedly waiting for the sponsorship situation to be finalized before a formal announcement of both.
Motorsport.com said the likely new sponsor will be Monster Energy, which has previously sponsored Busch in the Xfinity Series.
Busch, 37, is currently third in the Chase for the Sprint Cup championship point standings after Sunday’s race at Kansas. The 2004 Sprint Cup champion is now in his 15th season in the series. In 535 career starts, he has 27 wins, 19 poles, 116 top-fives and 218 top-10 finishes.