Sky has been confirmed as British Cycling's principal partner for the next five years.
The multi-million pound partnership will provide increased support for cycling in the run-up to the London 2012 - and beyond.
Every level of the sport is set to benefit from the investment, from the Elite Team of World, Olympic and Paralympic cyclists to British Cycling's talent development programmes and grassroots initiatives in schools and local communities.
The partnership will cover all forms of the competitive sport from BMX to track cycling and road racing, with the aim of bringing on the elite teams and accelerating the development of emerging talent.
The partnership also aims to build on Britain's love of cycling with participation programmes in schools, youth clubs and the wider community to encourage everyone to get cycling.
In addition to its financial investment, Sky will use its marketing expertise and relationships with one in three families across the UK to help British Cycling to encourage participation in cycling for sport and leisure among people of all ages and abilities.
"I believe this partnership will create a step change for cycling," said David Brailsford, British Cycling's performance director.
"Cycling is already one of Britain's sporting success stories and this is a truly exciting opportunity to grow the sport even further.
"Sky is a committed and passionate partner for British Cycling. Working together, we can take elite cycling to new heights and get more people involved in the sport at all levels."
Sky Sports is also sponsoring the London Freewheel cycling event on September 21.
Londoners will be encouraged to get on their bikes and go for a ride through the city on that day. Roads will be shut off so people can ride passed famous landmarks like Big Ben and Trafalgar Square.
And Sky chief executive Jeremy Darroch says the company is committed to not only helping the likes of Chris Hoy, Victoria Pendleton, Bradley Wiggins and man of the moment Mark Cavendish achieve more glory, but also inspire a generation to take to their bikes.
"Sport is at the heart of what we do at Sky, and it's not just what we do on screen," he said.
"We want to encourage participation in sport and help to develop future talent. British Cycling has already achieved outstanding success and grown a host of sporting heroes.
"We want to help Britain's elite to achieve even more success, develop the next generation of talent and inspire millions of people to get on their bikes."