The news comes on the eve of the final Supercheap Auto Bathurst 1000 featuring factory-backed Holden Commodores.
With GM electing to shutdown Holden's operations this year, the current Commodores will race on in 2021, before the Gen3 Camaros debut the following season.
Current Holden factory team Triple Eight is spearheading the project, having been charged with the design of the Gen3 Camaro race car body by Supercars under the endorsement of GM.
The Intellectual Property for the race car will be retained by Supercars, meaning other teams will also be able to race Camaros, either by purchasing complete cars from Triple Eight or by building their own.
Renders of a Gen3 Camaro Supercar dressed in Red Bull, Penrite Racing and Walkinshaw Andretti United colours have been released by Supercars as part of the announcement.
Category boss Sean Seamer said: “It’s great news to have GM continuing their presence in Australasia’s leading motorsports category.
“The Camaro will play a key role in the development of our new generation of race cars, so when it hits the track, it’s sure to excite not only our younger fans, but importantly, all those who remember the nameplate’s rich history in the sport.”
GM president Mark Reuss added his backing of the project, saying: “We at GM are thrilled to continue an involvement in Supercars in Australia and New Zealand.
“Chevy Camaro will be an exciting addition to the track, and we have every confidence Triple Eight will ensure the race-going version will be a faithful representation of the road-going Camaro ZL1’s DNA.”
It won’t be the first time Camaros have competed in the Australian Touring Car Championship.
Bob Jane won the 1971 and ’72 titles in a ZL1, while later entries included Kevin Bartlett’s famous Channel 9-backed Z28.
The Roland Dane-led Triple Eight has run Holdens in Supercars since defecting from Ford in 2010, taking over factory team status in ’17.
“It’s very pleasing to bring such an iconic car, the Chevrolet Camaro, back to Australia’s race tracks,” said Dane.
“Personally, I have enjoyed a long motorsports relationship with General Motors, dating back to the 1990s in the British Touring Car Championship, so I’m happy to be able to continue that.
“We’re very pleased that GM have entrusted development of the Gen3 Camaro to Triple Eight for this exciting new era of Supercars racing.
“The Camaro looks fantastic as a road car and there’s no doubt that it will make a spectacular, aggressive race car.
“Preparations for the introduction of Gen3 regulations are well underway, but our sights this week are fully focussed on delivering the best results possible for Holden and Holden fans.”
Interim Chairman & Managing Director of General Motors Australia & New Zealand, Kristian Aquilina added: “We loved every minute of our 51-year involvement through Holden.
“There will never be another Holden, but we now welcome Camaro to the stage and hopefully a whole new generation of fans with it.”