The Sunday Telegraph has reported that Clarkson will travel around the world to promote 'Top Gear' merchandise such as books and DVDs.
The deal comes amid rumours that Clarkson was planning to defect to ITV unless he received a greater share of profits from the programme, which is now seen by 235m viewers worldwide.
Some internal BBC sources had suggested that Clarkson would take 49% of all worldwide profits from the brand but this was denied by BBC Worldwide, according to the Sunday Telegraph.
BBC Worldwide confirmed the deal but would not comment on the size of Clarkson's profit-related fee.
This morning, a BBC spokesman played down the report, saying that Clarkson would not be promoting 'Top Gear' merchandise but would be involved in live events and give input into the brand's expansion plans.
The agreement is likely anger some viewers' groups which have criticised the amount of licence payers' money used to pay the salaries of star presenters.
The BBC spokesman defended the corporation, saying the deal involves Clarkson being paid by BBC Worldwide, its commercial arm, and not from licence fee money.
Clarkson's fellow 'Top Gear' presenters, Richard Hammond and James May, are thought to have known nothing about the deal. They receive a fee per programme, like Clarkson, but are not expected to be included in the new agreement.
News of the deal comes at the same time as reports that Clarkson will not be in the US version of 'Top Gear'.
Instead, Adam Carolla, an outspoken Los Angeles-based comedian, has been chosen to present the show in America along with a professional racing driver and a TV handyman.
BBC Worldwide, which has production offices in Los Angeles, has begun filming a pilot episode of the US version for NBC.
'Top Gear', which returned to BBC Two last night, has been licensed to more than 40 international broadcasters.
Earlier this month, the BBC hired start-up Work Club to handle online marketing for the relaunch of the Top Gear .
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