[Update at bottom of story]

Joey Logano has reached a deal to drive Penske Racing’s No. 22 Sprint Cup Series entry in 2013, according to ESPN.com, which is citing an unnamed source.

Logano is being replaced by Matt Kenseth, who will take over driving duties of the No. 20 Home Depot Toyota at Joe Gibbs Racing. Kenseth, who is leaving Roush Fenway Racing’s No. 17 team at season’s end, will be replaced by Nationwide Series defending champion Ricky Stenhouse Jr.

JGR had hoped to re-sign Logano and keep him in a fourth Cup entry, but that was dependent on sponsorship and it appears that nothing ever materialized.

Sam Hornish has been driving Penske’s No. 22 since AJ Allmendinger was suspended and subsequently released for failing a random drug test.

Update: It’s official: Penske Racing has announced that Joey Logano will drive the team’s No. 22 Ford in the Sprint Cup Series in 2013. Logano agreed to a “multi-year” deal with Penske.

Logano said:

I am very excited to join Penske Racing and begin the next phase of my career. I am looking forward to the opportunity as it will be an honor to drive for Roger Penske and race for wins and championships. I am also proud to represent Shell-Pennzoil as they are a respected global brand that does a great job of activating in the sport on and off the track.

Penske Racing President Tim Cindric added:

Joey Logano is a very talented driver who has already achieved a lot of success at a young age. Joey is a great fit for our organization and we look forward to building on his success as he takes his place behind the wheel of the No. 22 Shell-Pennzoil Ford.

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• Penske Racing Hopes To Name Driver Next Month
• Logano Mulling Two Full Time Cup Offers
• Penske Racing Releases Allmendinger
• Allmendinger Suspended For Failing Drug Test
• Kenseth Leaving RFR; Stenhouse To Cup In 2013