Ryan Blaney will drive the No. 12 Ford for Team Penske in the Monster Energy NASCAR Cup Series next season. 

The 23-year-old Blaney is in his third season driving the No. 21 car for Penske affiliate Wood Brothers Racing.

Paul Menard, the current driver of the No. 27 Richard Childress Racing Chevrolet, is set to join Wood Brothers Racing in Blaney's place. Menard only has one Cup Series win which came at the Brickyard 400 in 2011. He finished 16th in Sunday's Brickyard 400 after qualifying 17th.

As for Blaney, he is one of the up and coming stars at NASCAR's highest level, already clinching a spot in the playoffs with a win at Pocono Raceway earlier this season. Blaney will have a shot for a sweep at the Tricky Triangle when the series heads back to Long Pond, Pennsylvania, on Sunday.

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Ryan Blaney won for the first time at the Pocono 400 in June. Getty Images

"This is a huge opportunity for me and my career," Blaney said via release. "I've always enjoyed racing whatever car I was in and trying to win each and every race."

Earlier this week, it was announced that Blaney's future teammate Brad Keselowski signed a multiyear contract extension with Penske. There was some speculation Keselowski could leave and join Hendrick Motorsports Racing team's No. 88, but those rumors were quashed after Alex Bowman was named Dale Earnhardt Jr.'s successor. 

Keselowski manned the No. 12 from 2009-2010. Ryan Newman, who is also playoff-bound this season, drove it from 2002-2008.

Blaney will be the third Penske driver next season, joining Keselowski and Joey Logano.