Holden was contracted to the Red Bull team through to the end of the 2021 season but said it had settled with partner supplier Triple Eight Race Engineering to terminate the contract a year early.
"The settlement ... will see the Red Bull Holden Racing Team remain on the grid in its present guise until the end of the current ... Supercars Championship season," the team said in a statement on Tuesday.
Holden and Triple Eight have won eight team championships, six drivers’ titles since starting their partnership in 2010.
The Supercars series was suspended during the second round at Melbourne's Albert Park in March due to the coronavirus pandemic but is set to resume later this month in Sydney.
(Reporting by Ian Ransom; Editing by Peter Rutherford)