The deal looked all set to be announced last week, but was delayed at the last minute due to unknown problems.
The deal finally announced, however, is for four years and not three years as expected.
The BBC and BSkyB deal in full includes the FA Cup, England teams, the Community Shield and the FA Women's Cup. It is due to commence in 2004/5 and will finish with the 2007/8 season.
FA chief executive Mark Palios said: "We are delighted to be renewing our partnerships with both BBC and BSkyB. Both broadcasters have given us fantastic support in the past two years and we are looking forward to cementing our excellent relationships for a further period."
He added: "The deal is an important step in the process of providing financial stability to the FA. It also enables much greater access to top quality football for an even larger number of people."
The deal will see all England home internationals exclusively live on BBC, with the highlights and delayed broadcast on Sky.
The BBC has also won the first-choice FA Cup semi-final live on BBC, with both broadcasters to screen the FA Cup Final live.
According to BBC director of sport Peter Salmon: "The new partnership with the FA will enable the BBC to give terrestrial audiences unprecedented access to the England team during their passage to the World Cup in 2006."
"Our production teams and talent have also worked hard over the last two years to bring back the magic of the FA Cup and we look forward to building on our successes over the next four years."
The deal with the Football Association is understood to be worth £230m, £115m less than the deal it signed three years ago.
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