The Ford team announced the departure of Reynolds earlier today, the 2017 Bathurst 1000 winner set to join Team 18.
It has swiftly confirmed that his seat will be taken by Stanaway, who will make a sensational return to Supercars as a full-timer.
Formal confirmation of the Stanaway deal follows Motorsport.com's exclusive report that he had landed the drive late last week.
Stanaway will be teamed with fellow Kiwi Matt Payne, who will head into his second season as a Supercars full-timer next year.
“I would like to thank Penrite Racing for the incredible opportunity to be a part of the team next year," said Stanaway.
"I've been impressed by the direction the team has been heading in recent years and have been enjoying my time in the Gen3 era thus far so I am excited to see what we can achieve together.”
Stephen Grove said the expectation is that Stanaway will be able to fight for race wins and titles.
“As we continue to build the race team, securing a driver of Richie’s calibre is extremely exciting, giving the team the opportunity to challenge for race wins and championships," he said.
"Richie’s experience and feedback will be great for the team to further develop moving forward."
The deal marks a full-time return to Supercars for Stanaway that was unthinkable less than four years ago.
At the end of the 2019 season he walked away from professional motorsport after two tough seasons in Supercars with Tickford Racing and then Garry Rogers Motorsport.
He was then tempted back to Supercars in a Boost Mobile-backed wildcard at the Bathurst 1000 in 2022, where he starred in qualifying and put the Erebus-run car fourth on the grid.
At the time he revealed he'd be open to a full-time comeback, before sealing an enduro seat with Triple Eight for 2023.
He was thought to be in contention to replace Shane van Gisbergen at Triple Eight full-time next year, before that seat went to Will Brown.
