Soft drink giant Coca-Cola has agreed to pay £40m over three years to sponsor ITV's Premiership highlights package.
The deal is the UK's biggest-ever television sports sponsorship and almost matches the £48m Barclaycard paid to succeed Carling as sponsor of the Premier League itself.
It is thought that Carling had expressed interest in the TV package when it was originally touted by ITV at around £18m.
However, Carling will not have been able to match the spending power of Coca-Cola or other bidders, thought to include arch-rival Pepsi, who raised the asking price considerably.
Coca-Cola will be sponsoring ITV's Premier League coverage on Saturday evening and Sundays, online and offline coverage of Premier League action and Goal Rush, a midweek highlights programme.
ITV is currently in negotiations to bring the Saturday night highlights programme, to be hosted by Des Lynam, forward to an earlier start time of around 6pm. However, Sky is rumoured to be unwilling to agree to such a move.