ESPN is reporting that Tony Stewart has been granted release from the final year of his contract with Joe Gibbs Racing, clearing the way for him to become part owner of Haas CNC next season.

An announcement of the release is expected Wednesday, with a formal announcement coming on Thursday that Stewart will move to Haas CNC.

The new team will be called Stewart Haas Racing.

No deal has been reached with Ryan Newman, the lead candidate to drive the second Stewart Haas Chevy, at this point.

Office Depot is said to have a role in sponsoring Stewart’s car.