The sponsorship uses the Rexona global brand identity as the Sure brand name is only used in the UK.
The Rexona and Clear brand logos will appear on the Lotus F1 Team's overalls and cars.
A marketing campaign to raise awareness of the sponsorships is currently in development and is expected to launch in time for this year's first F1 race in Australia, on 18 March.
The deal was brokered by sports marketing activation agency JMI.
Francois Renard, global brand vice-president for Clear, said the partnership will provide the brand's consumers with "the chance to see and live the winning impact that a high-efficacy, high-precision, high-performance brand like Clear Men" can offer them.
Pablo Gazzera, global brand vice-president for Rexona, believes the men's brand has a "perfect fit" with F1.
He said: "We tap into our consumers' passions – cars, sports, extreme adventure – in order to engage with them. The thrill of speed and fierce competition of Formula 1 racing falls right at the heart of what our consumers are passionate about."
The Lotus F1 team, formerly known as the Lotus Renault GP team, has also announced that former World Champion Kimi Räikkönen will be joining the team after a two-year hiatus from the sport.
In July last year, the BBC announced it was sharing its live rights to broadcast F1 with Sky Sports as part of a six-year deal, which allows Sky to broadcast every race.
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