The deal means that JJB will sell Rangers branded sports and leisurewear at it 439 stores.
Reports say that Rangers will receive an initial £18 million payment and a minimum of £3 million a year throughout the contract.
Rangers chairman Dvaid Murray says the money will reduce debt and help strengthen the team which crashed out of the UEFA Champions League this week and which is currently a poor third in the SPL.
There are, however, fears for the future of staff at Rangers' established chain of retail outlets.
