The tie-up, secured by Viacom Outdoor, is called Carling Live Underground Music. It will start on May 5 and run for an initial 16 weeks.
The deal gives the Coors-owned brand a presence across 12 central London Underground stations, including Oxford Circus, Charing Cross and Piccadilly Circus.
Twenty five official sites will be manned by buskers from a roster of several hundred, who will be selected at auditions next week.
The plan is to ensure a diversity of musical styles across the transport network. Each busking site will feature wall and floor graphics carrying Carling branding.
Leith London, which handles advertising for Carling, has created a series of poster ads in the style of music flyers that will appear in stations and selected poster sites around London. Public relations support is through Cake.