This year's Daytona 500 takes place on Feb. 21, 2016.Getty Images

The 58thDaytona 500 will take place on Feb. 21, 2016 at Daytona International Speedway in Daytona Beach, Florida.

The race is set to officially start at 1:31 p.m. Eastern with drivers starting their engines at 1:19 p.m..

The race will be broadcast on FOX.

The race is 200 laps around the 2.5-mile speedway andwill likely end around 4:45 p.m.

 

The favorites to win the 2016 race are Dale Earnhardt Jr (6/1), Joey Logano (8/1), Jimmie Johnson (10/1) and DennyHamlin (10/1).