Tony Kanaan out at Andretti Autosport

INDIANAPOLIS (AP) - Former IndyCar champion Tony Kanaan has reached a settlement agreement with Andretti Autosport that releases the 2004 series champion from his contract with the team.

Terms were not disclosed Friday.

The 35-year-old Brazilian spent the last eight seasons with Andretti, winning 14 races and finishing in the top six in points each season.

Kanaan's future at Andretti took a hit when longtime primary sponsor 7-11 announced it would not return to Kanaan's No. 11 Honda in 2011.

Team owner Michael Andretti said the sponsorship issue played a major role in the decision to release Kanaan from his contract.

The announcement came the same day Andretti announced a two-year contract extension with Ryan Hunter-Reay through 2012.