The iPad app will contain a digital edition of the print magazine as well as extra content such as behind-the-scenes videos with sportsmen and women, video interviews, audio and extra pictures.
Sport launched a redesigned print magazine with a new masthead in October ahead of the iPad launch. A spokesman for Sport said the iPad app gives the readers added value by building on the redesign with more images and extra content.
As part of the six-figure deal with GroupM brands such as Gatorade, Three and BT will advertise through the app.
Tom Wilkinson, head of partnerships at WPP agency Mindshare, said: "iPad is the ideal platform for Sport to enhance content and engage closer with sports fans. This is something GroupM is keen to tap into.
"The Sport app launch deal represents an ideal opportunity to learn more about the role of tablets, and to position our clients in a key environment in what is a massive year for sport in 2012."
The print Sport magazine is handed out on Fridays outside mainline and Underground stations in London and at gyms and sports clubs, major offices, hotels, universities, in airports, on selected airlines and first-class train carriages across the UK.
Simon Caney, editor of Sport, said: "The iPad app is the biggest thing that has happened to Sport since we launched more than five years ago. It gives us a strong digital foothold and will provide a platform for us to be read nationwide much more than we are now.
"As well as all our usual print content we can add some great extras, notably with video and audio."
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