The deal follows the 1999 agreement where eBay paid AOL $75m (£52.8m) to advertise on America Online. Since then, the two have enjoyed close links with reciprocal online advertising.
In May, eBay made its first foray into TV advertising with a four-week campaign on AOL's Turner Broadcasting Network, home of cable channels CNN, TBS and TNT.
Under this new agreement, eBay will be able to expand its level of exposure into the more traditional media of Time Warner.
eBay will be hoping for an influx of traffic to its site, which has struggled recently to balance the number of buyers with sellers.