Penske will not build its own engines when it switches to Ford for the 2013 NASCAR Sprint Cup season and will instead get units from Roush Yates.
The decision means all Ford's Cup teams will continue to run the same engine program, a move Toyota also took this season when Joe Gibbs Racing adopted Toyota Racing Development power.
Rival Chevrolet continues to run multiple engine programmes, led by Hendrick Motorsports and Earnhardt Childress Racing Engines.
Penske is switching from Dodge to Ford next season, and although the engine decision potentially takes away an opportunity to gain a competitive edge over Ford's current top team Roush Fenway, Penske team president Tim Cindric is confident it will help the squad's transition.
"Ford has been consistent in its belief that we will be stronger with one engine specification rather than continuing with an independent approach," said Cindric. "Roush Yates has a proven record and we are looking forward to many successes together."
The Penske/Roush arrangement is comparable to Stewart-Haas using Hendrick chassis and engines when it built its operation around the former Haas CNC team. Tony Stewart's squad was able to beat its supplier to the Cup title in only its third season.
Roush Yates CEO Doug Yates said: "It's truly an honor to provide Penske Racing with Roush Yates Ford engines. I have always admired Roger Penske as a team owner and a respected businessman in our sport and beyond. I am looking forward to many wins, championships, and other successes in supporting the Penske organization."
Although earlier this year Roger Penske said that carrying on with the development of Dodge engines was a possibility, the team has now closed the door on that option.
"Relative to us, they said they're going in a different direction," Cindric told USA Today. "We don't see there being any more potential on the NASCAR side with Dodge."