The 33-year-old Coulthard, who made his debut in the V8 Supercars Championship at Oran Park in 2004, has established himself as one of the most productive drivers on the circuit with victories in each of the last three seasons, achieving five wins, six poles and 29 podium finishes since 2013. DJR Team Penske also announced that Scott Pye will return to race the No. 17 Ford Falcon in 2016.
"Expanding to two cars has always been a priority of ours, and with Fabian on board, gives us the opportunity to add another car capable of running at the front," said Tim Cindric, Team Penske president.
Coulthard is currently ranked fifth in the V8 Supercars Championship standings.
"I'm excited about 2016 and coming aboard at DJR Team Penske," said Coulthard. "The chance to race for two motorsport legends like Dick Johnson and Roger Penske is just a special opportunity. I'm looking forward to next season and helping the team grow and race at the front of the field."
Competing in the No. 17 DJR Team Penske Ford Falcon this season, Pye has produced six top-10 finishes in 22 starts, with a top result of fourth place at Darwin. Taking over full-time driving duties for the team in the second round of the V8 Supercars Championship this season, Pye will look to build on his success in 2016 when he returns to the team.
"It's a fantastic opportunity to continue racing for Dick and Roger again in 2016. This year has had some ups and downs, but we have been moving in the right direction," Scott Pye said. "Expanding to two cars with Fabian is incredibly exciting. He's a hard-nosed racer and together we want to build DJR Team Penske into a contender."
Marcos Ambrose, who joined the new team at the start of the season before stepping out of the DJR Team Penske entry after three races, will not return to the team as a full-time driver next season.
"I fully support the team with the exciting announcements here today," said Ambrose. "My number one priority since stepping out of the car full time was helping the team with that transition and in Fabian and Scotty, the team has a great future ahead for 2016 and beyond."