The deal sees the £25 million currently shared by league clubs increase to a figure nearer £35 million. It will kick in at the start of the 2006/07 season.
Football League chairman Sir Brian Mawhinney said: "Crowds have increased yet again, as have viewing figures and we are also delivering on the promise we made to increase our clubs' commercial revenues.
"Sky Sports are a class act and this new agreement is recognition of the outstanding entertainment our clubs provide their viewers week in, week out, throughout the season.
"I am delighted ITV have agreed to extend our partnership for a further three seasons as this ensures supporters have the opportunity to see their clubs on free-to-air television.''
Sky Sports managing director Vic Wakeling added: "The Football League continues to go from strength to strength and attendances are at their highest in 45 years - reflecting the huge interest in the game at all levels and emphasising the League's importance in the sporting fabric of this country.
"In Sky's comparatively brief history, we have covered every one of the 72 Football League clubs live, home or away, in Cup or league.
"We look forward to continuing this in-depth coverage over the next four years."