Despite coming close at times to having Toyota join Chevrolet and Honda as a third IndyCar engine partner for the new hybrid 2.4-liter twin-turbo V6 formula that debuts in 2024, the Japanese auto giant has tabled any immediate plans it held to return to the American open-wheel championship.

Multiple sources have told RACER that while Toyota has not said no to joining the NTT IndyCar Series in the future, it’s not prepared to move forward with an engine program in the coming years.

“That would be a fair statement,” IndyCar Series owner Roger Penske told RACER. “We were right down to the finish line with them. I think with COVID and supply chain issues and everything else that took place, it really cooled a lot of things.”

Penske says his IndyCar leadership group continues to develop engine supply possibilities with other major auto brands.

“At the moment, we’ve got two guys in Chevrolet and Honda as our partners, and we’ve got our eyes on an alternate,” he added. “We’re talking to other manufacturers. We’re on it.”

Toyota joined the CART IndyCar Series in 1996, winning the 2002 CART title with Cristiano da Matta, and continued in the former Indy Racing League where it won the 2003 Indy 500 with Gil de Ferran and the 2003 title with Scott Dixon before exiting following the 2005 season.