The KV Racing Team will be co-owned by former ChampCar co-owner Kevin Kalkhoven and former US racer Jimmy Vasser. "Both guys are front runners," Vasser said. "I think it's a great line-up."
Australian Power, 27, made 30 starts over the past three years with two victories and 11 top-five finishes. He had two victories and four pole positions last year but has raced upon an oval only once in his life.
"This is a great opportunity," Power said. "Having Jimmy Vasser to help mentor me on the ovals will make the transition easier.
Forsythe to close doors
"It's definitely going to be a tough road for sure. Having one or two test days before we start racing in the car that we don't know and a new series.
"I think between us we'll be able to speed up the transition and really get the hang of these cars. So it's all coming together at the last minute. It's going to be tough. But I'm up for the challenge.
"And at the end of the year I want to be running like the sun."
Spain's Servia, 33, spent eight years in ChampCar with one triumph and 16 podium finishes in 126 starts. Now he must make the switch to a mostly oval series in time for a title chase that begins March 29 at Miami.
"It will take some adjusting for all of us," Servia said. "We're getting to the house a little late. It's a huge challenge. Being ready to be racing and look eye to eye to the other teams is not going to be easy. But we're excited."
Power has modest expectations for the oval opener. "I'm just planning to finish that," Power said. "We don't have a spare car, so it's going to do us no good putting it in the wall trying hard. It's all gaining knowledge and learning."
Former ChampCar teams will have a farewell race next month at Long Beach in their old vehicles while teams previously in the Indy Racing League will compete in Japan because a scheduling conflict could not be resolved.
"The Champ Cars are a fantastic machine and it's going to be sad to see them sidelined. It's going to be a little bittersweet," Vasser said. "But everybody is working hard to make it a celebration race and I'm looking forward to it."
Open-wheel merger to rival NASCAR?
About that open-wheel consolidation