The two clubs have signed a new five-year deal worth £18m with Molson Coors, owners of the brand which has long invested heavily in soccer.
It is the biggest deal of its kind in Scottish football and secures the brand’s association with the two teams until 2010. Carling first sponsored the two teams back in 2003.
Celtic chief executive Peter Lawwell said: "Together with our Nike kit sponsorship, gives the club much certainty over the next five years."
Rangers chief executive Martin Bain added: "The range and term of the agreement speaks volumes about the ability of the Old Firm clubs to deliver significant return on investment to partners."
