1995 Indianapolis 500 winner and 1997 Formula One champion Jacques Villeneuve will enter this year's race, RACER.com reported Monday.
The open-wheel veteran will drive a third car for Schmidt Peterson Motorsports. An announcement is expected Wednesday.
Villeneuve, 42, has not raced an open wheel car since 2006, his final season in F1. He won the CART title in 1995 before moving to F1, where he earned 13 poles and 11 wins in his 11-year career. He has made four NASCAR Sprint Cup starts and several starts in the Nationwide and Truck series, mostly on road courses and in venues in his native Canada.
In his only other Indy 500 appearance, he was runner-up to Al Unser Jr. in 1994. Villeneuve is one of only three drivers to win the Indianapolis 500, the IndyCar championship and the F1 world title. Former Penske Racing drivers Mario Andretti and Emerson Fittipaldi were the other two.
He is currently practicing for his FIA World Rallycross Championship debut, also set for May.