THE AFL has signed a new four-year deal with major sponsor Toyota Australia until 2023 to extend its partnership to 20 seasons.

The extension is reportedly worth $18.5 million per year, making it the largest sports sponsorship deal in Australian corporate history.

Along with continuing as the premier partner of the AFL, Toyota Australia will also become the community partner of the AFL, which includes the Toyota Good for Footy program, and it will be the automotive partner of the AFLW.

"Our partnership started in 2004 and over that time the contribution Toyota has made to footy, not only in the AFL, but at a community level is nothing short of amazing," AFL chief executive Gillon McLachlan said.

"Toyota supporting the AFLW competition further establishes its place in the national sporting landscape.

"We are thrilled with the extension and look forward to working with Toyota for many years to come."

The deal was announced at the AFL's season launch at the Melbourne Town Hall on Thursday night.

The sponsorship also includes naming rights for the National Volunteer Awards, the National Inclusion Carnival, the North East Australian Football League (NEAFL) and the National Wheelchair Championships.