The slot was made available by transmission company Crown Castle after additional broadcast capacity was added to the free-to-air digital service.
The broadcaster is now mulling whether to launch either a new channel More 4, a gaming channel 9 Live, which it trialled on E4 last year, or a film channel with the BBC.
The contract gives Channel 4 the space for a new channel on Multiplex C from June 1.
During the bidding process, which has been heavily contested for the last three months, Crown Castle reportedly turned down bids from Five, Disney, Turner Broadcasting, Sit-Up TV and Top-Up TV.
It also said there will be no more Freeview slots available on the channel for some time.
A slot on Freeview when it launched in October 2002 was originally worth £1m, but because space is limited and digital terrestrial TV take-up has soared, the price has increased.
Channel 4 is understood to have paid in the region of £5m for the coveted slot, the same ITV paid in April for its channel space for a rebranded version of Men & Motors called ITV4, due to launch in the autumn.
Dan Brooke, Channel 4 controller of digital channels, said: "Channel 4 performs more strongly on Freeview than any other multichannel platform but additional capacity is scarce.
"We are delighted to have been awarded the new channel, which will enable us to further extend Channel 4's unique brand into an increasingly digital world."
The news comes as Channel 4 launched digital entertainment channel E4 on Freeview on Friday to coincide with the debut of 'Big Brother 6'.
Channel 4 expects an uplift in ratings and advertising revenues for its channels on Freeview.
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