The Korean consumer electronics giant will be the title sponsor in 2010 and 2011 with an option to extend the deal for another year.

The inaugural Diamond League season is already underway.

The global series consists of 14 meets and it will be rebranded to be known as the Samsung Diamond League from the meeting in Lausanne on July 8. 

Besides being the title sponsor, Samsung will be able to have advertising boards at stadiums, exposure on hurdles, on print material, on the official Diamond League website, first-class hospitality package and numerous other promotional benefits. 

Samsung is already a sponsor of the IAAF World Athletics Series, which includes the World Championships, and is a TOP sponsor of the International Olympic Committee. 

They also the shirt sponsor of English Premier League champions Chelsea. 

This latest deal is a major boost for the IAAF, whose financial position has been hit by the global economic crisis and who last month were forced to announce that they would be making financial cutbacks of up to $20 million (£14 million) until 2012.  

Lamine Diack, the President of the IAAF, said: "I am delighted with this deal, particularly because it is with a world famous corporation that is already our partner for the IAAF World Championships series of events and the Olympic Games.

"Samsung understands athletics and we now have a powerful partner across all our most important properties."

Samsung's extension of their deal with the IAAF comes just a year before it is due to hold its World Championships in Daegu, the city where the company were founded 70 years ago and has since grown into a global giant with a net turnover of $174 billion (£120 billion) and which employs 263,000 worldwide.

“We are very proud of our sponsorship of the IAAF, which is always associated with the highest level of athletic achievement and hosts the world’s top athletes," said Gyehyun Kwon, the vice-president and Head of Worldwide Sports Marketing at Samsung Electronics.

"And now as title sponsor of the ‘Samsung Diamond League,’ we have the honour of connecting with loyal and dedicated athletics fans around the world."

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