Following his win at Barber Motorsports Park earlier this month, O’Ward hinted a new deal was imminent and this was confirmed by McLaren CEO Zak Brown mere days later.
Prior to Sunday's Indianapolis 500, which O'Ward will start from seventh position, the team confirmed that the 23-year-old Mexican would indeed be staying on.
“I am incredibly happy to have locked in my future with Arrow McLaren SP,” O’Ward said.
“This team has truly felt like home for me over the past three years and I can’t wait to build on our success as we compete for wins and championships.
“I want to thank the whole team for this opportunity. This is exactly where I want to be.”
The 2018 Indy Lights champion joined Arrow McLaren SP in 2020 for his first full IndyCar season and immediately shone, delivering four podiums and a pole position on his way to fourth in the championship. He also clinched Rookie of the Year honours at the Indianapolis 500 with a sixth-place finish.
His first two wins arrived last year at Texas and Detroit, while he took three more poles on his way to finishing third in the championship after challenging eventual title-winner Alex Palou to the final round.
O'Ward's victory at Barber means he has now won on an oval, a street course and a road course in IndyCar, and he enters the 500 lying seventh in the championship.
Outside of IndyCar, O’Ward now has two class wins in the Daytona 24 Hours, and made his Formula 1 test debut with McLaren at the Abu Dhabi rookie test last December.
Arrow McLaren SP president Taylor Kiel said: “The entire team is excited that Pato is onboard for the long haul.
“He is an important part of our plan here at Arrow McLaren SP. His energy and work ethic is infectious.
“Having watched him develop since he joined the team, I look forward to building on these foundations to increase our performance and achieve our common goals in the years to come.”
Brown added: “Pato is an important part of McLaren’s future in IndyCar and we are happy that he will be a key part of Arrow McLaren SP for years to come.
“He is an incredibly talented driver who has already shown what he is capable of in IndyCar and I look forward to watching him take the next step in his promising career.”
