A major press announcement has been scheduled for Feb. 5 in Long Beach, and RACER.com has learned that American Honda is expected to be the new title sponsor for North America’s longest-standing and most successful street race.

With Toyota bowing out after a 35-year run, there has been speculation for months that American Honda would be the natural replacement since it powers more than half the IndyCar field in addition to Acura’s involvement in IMSA, which share the bill with IndyCar every April at Long Beach.

“We’ve got a very exciting development in the history of our event and we’ll announce next Tuesday,” LBGP president Jim Michaelian told RACER on Thursday afternoon.

It’s believed American Honda’s vehicles will adorn the Long Beach Grand Prix, which started in 1975 with Formula 5000, moved to Formula 1 from 1976-1983 and has been an IndyCar race ever since.

Honda is also the title sponsor at IndyCar events at Barber, Toronto and Mid-Ohio.