"This is the kind of situation every driver wants to be in and I'm grateful to Gene Haas and Haas Automation for providing me this opportunity," Busch told The Associated Press. "Gene wants to win, and wants me to go out there and perform to the best of my abilities."
Fox Sports and ESPN first reported the deal. SHR scheduled a news conference for Tuesday.
Busch recently received an offer from SHR co-owner Haas to leave Furniture Row Racing to join a team that will now expand next season to four cars. He'll be teammates with co-owner Tony Stewart, who is out the rest of this year with a broken leg, Danica Patrick and Kevin Harvick, who is leaving Richard Childress Racing to join SHR.
Harvick is replacing Ryan Newman in the lineup, and Stewart said last month that Newman was being let go because SHR did not have the capability to expand to four cars. But Haas stepped in and courted Busch on his own, and will fund Busch's ride out of his own pocket with sponsorship from his CNC machine company.
Furniture Row tried desperately to keep Busch, who joined the team with six races remaining last year and has the No. 78 Chevrolet in contention for a berth in the Chase for the Sprint Cup championship for the first time in team history.
Furniture Row had just one win, three top-five finishes, eight top 10s and 48 laps led in almost 200 races before Busch. Since Busch came aboard, the car has six top-five finishes, 14 top 10s, 368 laps led and has qualified on the front row seven times.
Busch was ninth in points before Saturday night's 31st-place finish dropped him to 12th in the standings with two races remaining to set the Chase field.
Stewart left Joe Gibbs Racing to become co-owner of Haas' lowly team in 2009, bringing Newman with him and immediately making it a legitimate and winning organization. Stewart won the championship in 2011, and brought Patrick aboard in 2012 for 10 Sprint Cup races in preparation for her full-time addition this season.
Harvick was signed in November of last year, a full season before he'd join the team, and now Busch is inked, giving SHR an aggressive driver lineup and doubling its car count in just two seasons.