Chase Elliott is staying put.

Chase Elliott will stay with Hendrick Motorsports through 2027. (Sean Gardner/Getty Images)

NASCAR's most popular driver has announced ahead of the Daytona 500 that he's signed a new five-year contract extension with Hendrick Motorsports that runs through 2027.

The 2020 NASCAR Cup Series champion has scored 13 wins with Hendrick since joining the team full-time in 2016.

Elliott is scheduled to start the Daytona 500 in 11th place. (David Rosenblum/Icon Sportswire via Getty Images)

"I feel so fortunate to be in this position," Elliott said. "I have a great team ... and the support of the best car owner and racing organization in the world. For me, there’s a lot of pride in driving for Hendrick Motorsports and having the opportunity to win races and compete for championships."

Elliott has yet to win the Daytona 500, but finished second in 2021 and is among the four favorites to win this year. He's currently scheduled to start in 11th place.

"Chase is a champion on and off the track," team owner Rick Hendrick said. "His talent inside the race car is undeniable, and he’s just scratching the surface of what he can do. This is a young man who is mature beyond his years, comes from an incredible family, and is humble, hardworking and never takes anything for granted."

Elliott's father Bill (pictured left) was the 1988 NASCAR Cup Series champion. (Chris Graythen/Getty Images)

Elliott has been named NASCAR's most popular driver each of the four years since Dale Earnhardt Jr. retired in 2017. His father, 1988 Cup Series champion Bill Elliott holds the record for the fan vote at 16.

Coverage of the Daytona 500 begins at 1 p.m. ET on FOX with NASCAR RaceDay followed by the start of the race at 2:30 p.m. ET. Fans can also watch the race on the FOX Sports app and check out Fox Nation's 4-part special series "Road to Daytona," to follow Landon Cassills' quest to win the race in the Fox Nation-sponsored Spire Motorsports car.

The Associated Press contributed to this report