The decision, which will end ITV's three-year stint as the home of terrestrial Premiership coverage, leaves Coke without a high-profile association with English football.
Coke's UK marketing executives claim to be relaxed about ITV's loss of TV rights, but keen to continue Coke's association with the sport.
Rival Pepsi has recently muscled its way into traditional Coke territory by signing a partnership with the Football Association, which gives it access to the FA Cup and the England team.
Pepsi has also struck deals with individual clubs such as Manchester United, and some of the world's top players, including Real Madrid star David Beckham.
While Coke continues to have an exclusive association with the World Cup and European Championships, the world's biggest soft drink brand will not want to lose out on the regular association that comes from sponsoring Premier League coverage.
It is understood that Coke is looking at options including signing deals with Premiership clubs or creating a branded content programme that feature individual big-name players. The company declined to comment.
This weekend sees the start of Coke's final season as sponsor of ITV's The Premiership, with new idents featuring Leggsy, the animated star of previous Coke football ads.
Created by Wieden & Kennedy Amsterdam, the idents will run alongside ads backing Coke's latest promotion, offering consumers the chance to play at a top stadium.
The BBC's £105m contract to net Premiership football for three years from 2004-05 was hailed by media commentators as a good deal for the game.
When The Premiership launched two years ago, it was criticised for featuring too little action.
BSkyB's four live packages, worth a combined £1.024bn, could still face scrutiny by the European Union.
Raymond Snoddy, page 16.
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