In a joint statement this morning, the Football League confirmed the sponsorship would not be renewed beyond the end of the 2009/2010 season.
The Football League thanked Coca-Cola for its "support and continued commitment" and said both have "valued their six year relationship" and are "committed to continuing discussions about an ongoing commercial partnership".
The statement said: "Coca-Cola Great Britain has invested heavily in The Football League since 2004 and created innovative, high profile promotional campaigns to raise awareness of The Football League and its 72 clubs and generate excitement amongst its fans."
Coca-Cola said it was hopeful it would remain involved with the league in some form and is now planning to concentrate on its sponsorship of the World Cup and 2012 Olympics. It has been title sponsor of the league since 2004.
Coca-Cola refused to comment on how much it had offered the Football League to extend the deal and denied it was diverting its UK sponsorship funds away from football as it builds up for the 2012 Olympic Games.
It said: "Coca-Cola Great Britain continues to invest in the game at all levels and is one of the game’s biggest supporters at both a domestic and international level. Current sponsorships include Wayne Rooney, Wembley Stadium, the Fifa World Cup, the Uefa European Championships and supply deals with several British club sides."
Coca-Cola's Football League deal was worth around £6m-a-year for the Football League. However it is believed this undervalues the position of the title sponsor now 10 matches and a highlights package are screened by the BBC.
The Football League said crowds for league matches are at their highest levels for 50 years and the three divisions enjoy a higher media profile than at any point previously thanks to the comprehensive coverage they receive on Sky Sports, BBC Sport and across the sports media.