"Emirates is a quality airline and an established global brand, with a proven track record in football and sport sponsorship.
"This long-term association is an excellent opportunity for both of us. It will help Arsenal reach new markets and build on our existing fan base across the world, thanks in no small part to the airline's global route network."
Several Premiership clubs have already entered the lucrative market of selling stadium naming rights, which is common in the United States and Australia in American Football and rugby.
Grounds carrying the name of sponsors in England include the Cellnet Riverside Stadium at Middlesbrough, the Reebok Stadium at Bolton and The Friends Provident St Mary's Stadium at Southampton.
The details of the naming rights deal were not announced today. But the Arsenal deal is understood to be by far the most significant in English football.
It is not uncommon for major US companies to pay as much as £5m per season for American Football grounds. In Britain, Leicester signed a £1.5m deal for 10 years with Walkers.
It may take Arsenal fans several years before they are prepared to call the new stadium by its official name after decades of heading to Highbury.
But Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of Emirates, said sport sponsorship is a vital part of the airline's growth strategy and that Arsenal is a perfect partner for Emirates.
He said: "This is an once-in-a-lifetime opportunity to sponsor such a major new stadium and club, and represents a win-win partnership for both Emirates and Arsenal."
Arsenal said it remained fully committed to its existing partnership with O2, which remains official club and shirt sponsor until the end of the 2005-2006 season.
It is also anticipated that the successful Arsenal Mobile joint venture, which provides fans with exclusive Arsenal content via a range of jointly branded mobile services, will continue beyond 2006.
Emirates also sponsor match referees at Premiership and Football League level through an agreement with the Professional Game Match Official Limited which runs until 2007.
Last week, Chelsea announced they were ending their relationship with Emirates after five years claiming they were seeking a new backer with greater global appeal.
