TfL will save Londoners several million pounds as they enjoy free travel between 11.45pm and 4.30am.
The sponsorship deal, brokered by Viacom Outdoor, London Underground's advertising contractor, remarks a return for the Australian beer brand to London New Year advertising.
Foster's was the first sponsor for free travel on the Tube on a New Year's Eve in 1998. Subsequent sponsors have included Bud Ice, Bacardi Breezer and Smirnoff Ice.
Last year, TfL ran free travel on New Year's Eve but did not offer it as a sponsorship opportunity.
Tim Seager, marketing director at Scottish Courage, said: "Our message is leave the car at home, feel free to enjoy a couple of beers and the Foster's New Year's Eve free travel service will get you home safely -- 'No Worries'."
Awareness of the free travel scheme will be raised by a TfL poster campaign in Underground and DLR stations, Tube carriages and buses. The posters show a modern-day Cinderella and her prince pictured against the London night sky and bear the tagline "Stay out longer this New Year's Eve".
In addition, Christmas elves will visit 12 Underground stations in December to hand out more than 300,000 Foster's Christmas cards containing details of the New Year's Eve travel arrangements and where Foster's will be on sale.
A Foster's poster campaign with five executions developed by M&C Saatchi encourages commuters to adopt a "No Worries" attitude to the festive season. All of the executions use the strapline "Let the festivities begin", where the "f" in festivities appears as the iconic Foster's roundel.
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