Fallon won the task following a four-way pitch with Abbott Mead Vickers BBDO, BBC Broadcast and DFGW, the other creative agencies on the BBC roster.
The BBC has announced it will continue to work with the three companies who lost out to Fallon on other creative campaigns, with the agency roster remaining unaffected.
The campaign will run in 2006 with the aim to "emotionally engage the audience and accelerate the idea of the BBC as a public service broadcaster," a BBC spokeswoman said.
She added: "It's fitting with the corporation's new marketing policy to do fewer yet better marketing campaigns."
Fallon's recent campaigns for the corporation include work for Radio 1 and BBC Three.
Helen Kellie, acting head of marketing at the BBC, said: "Serving our audiences is central to everything that the BBC does. This campaign will continue the work that has already been done to engage our audience, in this ever-changing landscape, in what the BBC stands for and the unique purpose that we serve."
In June this year, Fallon lost out on the BT Yahoo! broadband assignment, worth £20m, to AMV.
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