The bright, distinctive design earned its nickname in 1979 when Johnny Rutherford first used the scheme, then won in the car at Indianapolis Motor Speedway a year later.
Pennzoil moved its sponsorship to Team Penske in 1983 and the organization won the Indy 500 with Rick Mears driving a similar yellow, black and red scheme in 1984 and 1988.
"My favorite memory of the Yellow Submarine is (it) winning the Indy 500," said Castroneves. "I remember Rick Mears going down the straightaway and into Turn 1 — you could spot the car anywhere. But I am going to drive the car, what a tradition and what a great honor."
Mears and Castroneves have combined for seven of Roger Penske's record 15 Indianapolis 500 victories. When Mears retired in 1992, he continued to work with Team Penske as a driver coach and consultant, a role he still fills.
Pennzoil is returning the paint scheme as part of a monthlong celebration of the launch of its platinum and ultra-platinum synthetic motor oils with PurePlus Technology, which uses natural gas.
"We are honored that Pennzoil is bringing a part of their heritage and the heritage of Team Penske back to life to help tell the story of their amazing advancements in motor oil technology," said Penske. "I have been around cars my entire life, this is the most exciting and innovative advancement in motor oil in decades. It's going to be a real game changer."