According to the prevailing paradigm, G-proteins are composed of three subunits, an ␣ subunit with GTPase activity and a tightly associated ␥ subunit complex. In the yeast Saccharomyces cerevisiae there are two known G␣ proteins (Gpa1 and Gpa2) but only one G␥, which binds only to Gpa1. Here we show that the yeast ortholog of RACK1 (receptor for activated protein kinase C1) Asc1 functions as the G for Gpa2. As with other known G proteins, Asc1 has a 7-WD domain structure, interacts directly with the G␣ in a guanine nucleotide-dependent manner, and inhibits G␣ guanine nucleotide exchange activity. In addition, Asc1 binds to the effector enzyme adenylyl cyclase (Cyr1), and diminishes the production of cAMP in response to glucose stimulation. Thus, whereas Gpa2 promotes glucose signaling through elevated production of cAMP, Asc1 has opposing effects on these same processes. Our findings reveal the existence of an unusual G subunit, one having multiple functions within the cell in addition to serving as a signal transducer for cell surface receptors and intracellular effectors.