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UPDATE: Although neither GEM nor Petty officials said an announcement was forthcoming, sources indicated that the organizations were ironing out final details. David Zucker, who was named CEO of the team when private equity firm Boston Ventures purchased controlling interest in June, is expected to be reassigned to the Petty Driving Experience.( FoxSports), no word on what happend to the #10 ride which Sorenson was supposed to drive.(12-31-2008) will assume a similar role at JTG-Daugherty Racing with the #47 team. Robbie Loomis, Petty Executive VP of Racing Operations, is expected to assume a managerial role under the new partnership, which will likely be rebranded under the Petty banner. The company moved from its original shop adjacent to the Petty homestead in Level Cross, N.C., in January to what was formerly the Yates Racing complex. Most of the remaining 39 employees at Petty Enterprises will conclude their duties at the Mooresville-based shop on Wednesday. A formal announcement is expected early next week.

The venerable #43 Dodge covered with the trademarked Petty blue glaze will become part of the Gillett stable with Reed Sorenson expected to be behind the wheel. A deal was inked between Petty Enterprises and team owner George Gillett on Christmas Eve, but the terms of that agreement have yet to be divulged.