The team, Trackhouse Racing, made the announcement on Friday on social media, by way of a video featuring the artist and his single “I Believe That We Will Win (World Anthem)”.
Pitbull shared his own message too, stating that he has “been a fan of the NASCAR story since the movie Days of Thunder”.
The 1990 sports action film stars Tom Cruise as a young driver chasing NASCAR fame. Nicole Kidman, Robert Duvall, and Randy Quaid also feature.
Pitbull deemed the announcement of his new NASCAR co-ownership “a great way to celebrate [his] 40th birthday”, which took place on Friday.
The Grammy-winning artist, also known under the nickname Mr Worldwide, isn’t the only celebrity to have entered NASCAR ownership in recent months.
In September last year, it was announced that Michael Jordan had become a part owner of the 23XI Racing team with driver driver Denny Hamlin. The team has driver Bubba Wallace in its No 23 Toyota.
Trackhouse, the team now co-owned by Pitbull, has hired racer Daniel Suarez to drive its No 99 Chevrolet.
Pitbull, whose real name is Armando Pérez, said he will attend the Daytona 500 in Florida on 14 February.
NASCAR welcomed the addition of Pitbull, telling The Associated Press in a statement: “Pitbull is an iconic talent in the music industry and has tremendous passion for NASCAR racing.”
“We look forward to working with him to further engage diverse audiences and introduce new fans to our great sport.”
The Associated Press contributed to this report