The three-year deal will see the iconic brand emblazoned across the shirts of both Old Firm teams, starting from July this year. It signals a further foray back into big-time football for the brand, which previously sponsored the English Premiership for nine years between 1992 and 2000.
The brand currently has existing partnership deals with top English clubs such as Aston Villa, West Bromwich Albion and Arsenal but not as shirt sponsor. However, despite the brand's dominance in England's beer aisles, Coors is still looking to further the ale's cause north of the border.
Mark Hunter, Coors' Brewers' marketing and international development director, said: "We are excited about working with the Old Firm in Scotland and much wider afield.
"Both Rangers and Celtic are known the world over, so with Carling's heritage in football and its availability in over 20 countries, this is a great chance for three major names to work together."
Celtic chief executive Ian McLeod said: "The Old Firm is delighted to welcome Carling as our new shirt sponsor."