The Football League Trophy will be titled the Johnstone's Paint Trophy for the next three seasons following the signing of a new seven-figure sponsorship agreement between The Football League and Johnstone's Paint.
The new partnership represents the biggest financial investment by a sponsor in the 23-year history of the knock out competition for clubs from Leagues 1 and 2.
In announcing the new deal Football League Chairman Lord Mawhinney said: "This is excellent news and provides a real end of season boost for League clubs.
"All supporters want to see their club competing for silverware and the Johnstone's Paint Trophy gives clubs from Leagues 1 and 2 a cup competition that realistically they can win.
"The financial rewards of this competition can also be considerable. This season, for instance, Swansea City and Carlisle United each earned more than £250,000 from their appearance in the final."
The announcement comes on the same day that Johnstone's announces a major re-launch of the premium paint brand. The company, which has been making paint since 1890 and is part of the SigmaKalon Group, has announced a number of key investments to raise its game within the decorating industry.
Marketing Manager Angus Blundell said: "This is one of the most important and exciting days in our company's history.
"With 165 decorator centres throughout the UK, Johnstone's works in partnership with decorators and specifiers from every region and we're pleased to be putting something back into their communities."
Next season's Johnstone's Paint Trophy will begin in October with the Final scheduled to be played at the new Wembley Stadium in March.