Mooresville, NC -- (Sports Network) - Ryan Newman, the 2008 Daytona 500 winner, became a free agent in the Sprint Cup Series. Newman and Penske Racing announced Monday they have mutually agreed to move in new directions at the end of the season.

"We want to thank Ryan for his hard work and contributions to Penske Racing over the past nine years," team owner Roger Penske said. "We wish Ryan all the best for the future and we'll continue to focus our efforts on making the Chase with Ryan and the Alltel Dodge team this season."

Newman has been with the team since 2000. He has 13 wins in 243 career starts, and received rookie of the year honors in NASCAR's top division in 2002.

"I appreciate Penske Racing and all they have done for me, but more importantly, I appreciate their friendship and what they have done for my career," Newman said. "I would also like to thank all of the sponsors, especially Alltel, who have supported me."

Since winning the Daytona 500 in February, Newman has posted just six top-10 finishes, including a 10th-place run Saturday night at the Chicagoland Speedway. He is currently 16th in the point standings.

Newman is widely rumored to be in the second seat for Tony Stewart's new team in 2009. Last week at Chicagoland, Stewart announced he'll merge with Haas CNC Racing next season to serve as both driver and owner of the newly-formed Stewart-Haas Racing.

Penske expects to announce Newman's replacement in the No.12 Dodge at a later date.