The two-time Indianapolis 500 winner says he is close to signing a contract extension to stay with Penske Racing's IndyCar Series team.
"We're in the process of getting there," said Castroneves, who confirmed he is well into negotiations with Penske team president Tim Cindric.
With former teammate Sam Hornish Jr. and 2007 series champion Dario Franchitti having left the IndyCar Series for NASCAR, there had been some speculation that Castroneves would follow them to stock car racing.
The Brazilian raised his profile and that of the open-wheel series last year by winning the Dancing with the Stars TV program. Losing him would have been blow for IndyCar, which is hoping to make a big comeback now that the two American open-wheel series have unified under one banner.
But Castroneves, who has yet to win a series title, said he believes he has unfinished business in IndyCar. And he also noted that Franchitti lost his NASCAR ride last week because of a lack of sponsorship in a tough economic climate.
"I don't think the opportunity right now of going to NASCAR is the best one," Castroneves said. "Right now, I'm looking to be in Team Penske for quite a long time."
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