Jamie Whincup will retire from full-time driving at the end of 2021, with the seven-time Supercars champion to take on team management at Triple Eight.
The news coincides with esteemed businessman Tony Quinn becoming a major shareholder in Triple Eight, with Roland Dane stepping down from team management.
Dane, who has headed the team for nearly two decades, will hand the Managing Director and Team Principal roles to Whincup at the end of 2021.
Whincup had previously made no secret of his desire to rise to team management upon his full-time retirement.
He has been on the Supercars Commission for the last 15 months, with the experience providing him with invaluable preparation for his future roles.
Triple Eight stated that Whincup, who will turn 38 later this month, will evaluate co-driving with the team in 2022.
The team will also assess the driver market in the coming months to find a replacement, with Dane revealing he has already received several offers for the drive.
With regards to a replacement from 2022, Triple Eight said it will assess the driver market and its options over the coming months, and clarified it does not have a timeline in place for the decision.
Whincup joined Triple Eight as a 23-year-old in 2006, and claimed victory on his debut for the team on the streets of Adelaide.
The winningest driver in Australian Touring Car Championship/Supercars Championship history, Whincup has claimed all 122 of his race victories for Triple Eight.
He claimed the first of seven titles in 2008, and went back-to-back 12 months later.
He remained a force when Triple Eight switched from Ford to Holden in 2010, and despite missing out to James Courtney that season, he rebounded to register four consecutive championships between 2011 and 2014.
He stretched further in front in the record books with an unprecedented seventh title in 2017.
"I've always said that after I retire from full-time driving, I want to keep going racing and in 2018 I made the commitment for that to be with Triple Eight by becoming a shareholder," he said.
"I'm honoured that Roland trusts me to lead the family that he's built here in Australia.
"I'll certainly maximise every opportunity this year and beyond to learn from him and I'm grateful that he will still be dedicating a portion of his time in 2022 to ensuring the team and I have the best opportunity for success.
"I have to thank everyone who has supported me during my driving career; family, friends, fans and partners.
"I'll be giving my all to making sure we deliver the best results possible in 2021."
Whincup will begin his bid for an eighth title at this month's Repco Mt Panorama 500. Tickets are on sale now.