The 55-year-old billionaire was named the honorary starter of the legendary race, which is this Sunday.
"I am excited to come back to Indiana, not just to attend but actually participate in this historic race," Cuban said in a statement.
A graduate of Indiana University, Cuban co-founded an Internet company called Audionet, later named Broadcast.com, initially to hear Hoosiers basketball games. His group sold Broadcast.com to Yahoo! for $5.7 billion in 1999.
Cuban has owned the NBA's Mavericks since 2000.