Sports Business Daily reported it is a 10-year deal and the Indianapolis Star reported that it is expected to be about $10 million.
Verizon will also continue its sponsorship of the Verizon P1 Award presented to the IndyCar Series pole winner at each race.
"Verizon is delighted to become the title sponsor of the Verizon IndyCar Series and to bring even more of our innovative technology to the fans, to the teams and to the entire motorsports community," Dan Mead, president and CEO of Verizon Wireless, said in a statement.
"The intersection of racing and technology has never been more relevant, and our expanded partnership with IndyCar provides a unique opportunity to demonstrate that synergy, integrate new services like LTE Multicast and help propel the sport forward."
The Firestone Grand Prix of St. Petersburg, Fla., kicks off the 18-race season on March 30.
"Verizon is the perfect partner for us to showcase the high level of innovation and technology that is inherent in our sport," Mark Miles, CEO of Hulman & Co., said in a statement.
Hulman & Co. is the parent of IndyCar and the Indianapolis Motor Speedway.
Verizon has been an official partner of IndyCar for four years and is the primary sponsor of the No. 12 Verizon Team Penske car driven by Will Power. It will also be the primary sponsor of the No. 2 entry driven by 1999 CART champion and 2000 Indianapolis 500 winner Juan Pablo Montoya for at least eight races.