The new agreement, which is the largest in the competition's history, is the longest running competition sponsorship in domestic football.
The new deal extends the relationship to fourteen seasons, with Coors having sponsored this competition for nine seasons through its Carling brand and a further five through its Worthington's brand.
Lord Mawhinney, the Football League Chairman, said: "Considering the prevailing economic climate, it is extremely heartening to have the continued support of a widely respected brand like Carling.
"Together, we will look to continue the progress made by this competition in recent seasons."
Martin Coyle, director of Marketing for Carling, said: "This is great news. We are really proud to extend our association with the Carling Cup and to be part of this competition which has continued to go from strength to strength over the past few years -- consistently giving football fans, ourselves included, some truly memorable moments."
Last season's Carling Cup was won by Tottenham Hotspur, who defeated Chelsea 2-1 following a dramatic injury-time winner by defender Jonathan Woodgate.
Tottenham have reached the semi-finals in this season's competition, and are set to play Burnley in the New Year.
The other semi-final will be contested by Manchester United and Derby County.