The 2014 version of the car, which goes on sale this fall, will take pride of place as it leads the competing vehicles round the track at the start of the race.
Being chosen as the pace car provides huge exposure for manufacturers, with up to 400,000 spectators attending the event and millions more watching on television and over the internet.
The Corvette Stingray used for the event, above, is painted in Laguna Blue with official Indy 500 graphics on the doors.
Chevrolet said it was an “honour” to have the Stingray chosen, the 12th time a Corvette has been the pace car since 1978.
The firm were also proud to be able to say “no powertrain upgrades are required to run in front of the IndyCar pack, thanks to the Stingray’s all-new 6.2L LT1 engine”.
General Motors motorsports chief Jim Campbell said: “It is an honour. The 2014 Corvette Stingray’s performance was influenced by racing, making this prestigious assignment even more fitting.”
The 2013 edition of the Indy 500, on May 26, is the 97th time the race has been run.
It has historically been known as one of the world’s three greatest motorsports races, alongside the 24 Hours of Le Mans and the Monaco Grand Prix.
The Corvette Stingray will be priced from $51,995 when it goes on sale.
You can see more pictures of the Corvette Stingray Indy 500 pace car HERE.