Waters scored a career-best nine podiums in 2020, including a maiden solo win at Tailem Bend.
He also broke the Mount Panorama lap record to take pole at last October's Bathurst 1000, and clinched second in the drivers’ championship with a runner-up finish in the Great Race.
The 26-year-old completed a shakedown of his new Mustang in December.
The car will be on track at the official pre-season test day at Winton Motor Raceway on February 16.
Waters will make his competitive return at the Repco Mt Panorama 500 across February 26-28. Tickets are on sale now.