The deal was announced by Garry Cook, Manchester City chief executive, and James Hogan, chief executive of Etihad Airlines.
reported that a deal between the two parties was on the verge of being signed.
The deal follows Manchester City securing its first silverware in 35 years last season, when the team lifted the FA Cup.
The agreement includes a number of sponsorship elements, including the renaming of the Eastlands stadium to Etihad, a new 10-year kit sponsorship deal, and financial support for a nearby sporting facility. Etihad is the team's existing kit sponsor.
The sporting facility will be called Etihad Campus and will include a training ground and academy.
Manchester City executives will pay Manchester City Council £20m to secure naming rights for the facility.
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