By Staff Writer (staff@latinospost.com) | First Posted: Jan 27, 2014 04:17 AM EST

Patrick Demspey has signed a renewal contract for his role as Derek Shepherd in the drama series "Grey's Anatomy". According to E! News, Dempsey, along with his co-star Ellen Pompeo, agreed to a two-year deal to stay on the show.

Although the 48-year-old actor and his co-star were given contract deals, ABC has not yet released a formal statement regarding the show's status. But given the two-year contracts, fans can expect for an 11th and 12th seasons of the series.

Joining Dempsey and Pompeo are main cast mates Justin Chambers, Chandra Wilson, and James Pickens Jr, according to an article on Guardian LV. A new character will also be joining them through Paul James, who is best known for his role in the college-drama television series, "Greek".

Fox News reports that Dempsey confirmed his extended stay with "Grey's" during the Rolex 24 at Daytona. As a full-time professional race car driver, the actor is very thankful for the show and what it has done for his racing career.

"'Grey's' does a remarkable job scheduling around these races now, and I wouldn't be able to do it without them. The fact that they continue to let me race is remarkable in itself, so I am grateful for that and grateful to have employment that is known around the world," Dempsey said, "It gives me a platform to come and do this type of thing, and it helps the sponsors."

When the issue of leaving the show for professional raising was raised, the actor simply answered, "When I grow up, I want to race full-time."

Aside from the Rolex 24 at Daytona, Dempsey and his race team had participated in other prestigious racing events such as the 24 Hours of Le Mans and the Baja 1000 off-road race. He is currently the owner and driver of Dempsey Racing.

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