Honda has signed a new two-year contract to supply engines to the IndyCar Series.

Art St. Cyr, president of Honda Performance Development, and Mark Miles, the CEO of the series' parent company, made the announcement Tuesday during IndyCar's annual media day.

Miles said the deal will run through the 2017 season and that Honda will have an option to stay on for an additional three years.

Honda and Chevrolet are the only engine suppliers that work with IndyCar racing, though Miles and St. Cyr said the new agreement also includes provisions about adding engine manufacturers in future years.