The 1997 world champion will make his first stock car start of the season in the inaugural NASCAR race on the 4-mile road course track, driving for Braun Racing.
"I'm not too worried about joining halfway through the season, as it is the first road course this year and the first time ever for NASCAR to be racing at Elkhart Lake," said the 39-year-old. "A lot of drivers will be learning the track.
"We'll be looking for a strong result this weekend hopefully a top three finish if we avoid any issues."
The Canadian has not raced on the track since 1995, when won there for the second year in a row on his way to the Indycar title.
"Returning to Road America is very exciting as it remains one of my favourite tracks," he said. "I was hoping to return one day.
"I have great memories of the circuit as I won both times when I raced there in Indycars. In fact, Road American in '94 was my first win in the series."
Villeneuve has two previous Nationwide starts to his name, at Montreal in 2008 and 2009. His best result is the fourth place he took last year.
Hernandez pleased with interestVilleneuve to return to Nationwide
