The official announcement was made today at Chelsea's Stamford Bridge ground.
It had been reported that Nokia bosses were in London last week to sign a deal, but talks foundered due to the mobile phone company's demands.
Chelsea then turned to South Korean consumer electronics giant Samsung, agreeing a deal that is in the same league as the value of the partnership between Vodafone and Manchester United.
Samsung has decided to highlight the Samsung Mobile brand with the shirt deal.
In-Soo Kim, president and CEO of Samsung Electronics Europe, said: "Samsung Mobile is already a leading brand globally. I am convinced that [Chelsea's] association with Samsung Mobile will create a positive spill-over effect for other product categories."
German industrial and electonics giant Siemens was also in the race, but was not believed to have been a serious contender.
The West London club is currently sponsored by airline Emirates, and is in the last year of a £24m four-year deal. However, Emirates dropped Chelsea for Arsenal, becoming the sponsor of the North Londoner's new Ashburton Grove Stadium.
Chelsea also recently changed its kit sponsor, giving a £24.5m pay-off to current partner Umbro in order to end its contract at the end of next season. Adidas then came in to secure an estimated £100m 10-year deal.
The Premiership leaders have virtually sewn up their first championship for 50 years, and are favourites to win through to the Champions League final.
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