Although her contracts are still being finalized, Patrick -- who has raced in both the IndyCar Series and the Nationwide series this season and last season -- will drive the No. 7 GoDaddy.com Chevrolet for the entire 2012 Nationwide Series schedule for JR Motorsports, sources said.
She also plans to enter select Sprint Cup races next season in cars prepared by Stewart-Haas Racing, with the intent to move to Sprint Cup full-time in a multiyear deal with Stewart-Haas in 2013, sources said.
Patrick is expected to make the announcement in Phoenix, where GoDaddy.com is headquartered, in a news conference currently being arranged, according to sources.
JR Motorsports representatives said Wednesday they have "nothing new to report."
"Tony Stewart has always said he'd love to have her, but we're a long ways from being at that point," Stewart-Haas spokesman Mike Arning said Wednesday. "From a Stewart-Haas Racing standpoint, things aren't there yet."
It is unknown at this time how this may affect Patrick's ability to compete in the 2012 Indianapolis 500, sources said.
Patrick has raced full-time in the IndyCar Series since 2005. She became the first woman to win a major open-wheel racing event when she went to Victory Lane in Motegi, Japan, in 2008.
Her success in IndyCar has made her a national celebrity and one of the most recognizable sports figures in America.