With regards to a replacement from 2022, Triple Eight said it will assess the driver market and its options over the coming months, and clarified it does not have a timeline in place for the decision.
Whincup joined Triple Eight as a 23-year-old in 2006, and claimed victory on his debut for the team on the streets of Adelaide.
The winningest driver in Australian Touring Car Championship/Supercars Championship history, Whincup has claimed all 122 of his race victories for Triple Eight.
He claimed the first of seven titles in 2008, and went back-to-back 12 months later.
He remained a force when Triple Eight switched from Ford to Holden in 2010, and despite missing out to James Courtney that season, he rebounded to register four consecutive championships between 2011 and 2014.
He stretched further in front in the record books with an unprecedented seventh title in 2017.
"I've always said that after I retire from full-time driving, I want to keep going racing and in 2018 I made the commitment for that to be with Triple Eight by becoming a shareholder," he said.
"I'm honoured that Roland trusts me to lead the family that he's built here in Australia.
"I'll certainly maximise every opportunity this year and beyond to learn from him and I'm grateful that he will still be dedicating a portion of his time in 2022 to ensuring the team and I have the best opportunity for success.
"I have to thank everyone who has supported me during my driving career; family, friends, fans and partners.
"I'll be giving my all to making sure we deliver the best results possible in 2021."