Conor Daly will drive in the Indianapolis 500 for Schmidt Peterson Motorsports.

The race team announced the deal for its third entry, the No. 43 Honda, in the May 24 race on Saturday ahead of the Indy Grand Prix of Alabama.

The 23-year-old Daly also competed in the 2013 Indy 500 for AJ Foyt Racing. He drove for Dale Coyne Racing at Long Beach on less than an hour's notice and finished 17th.

His father, Derek Daly, is a former Formula One and IndyCar driver. Daly's mother, Beth, is a former Novice Jet Ski World champion.

Owner Sam Schmidt says they "know what he is capable of" since he raced for the team during part of the 2011 IndyLights season.