The awards were founded in 1981 by Nica Burns, who is director. Perrier sponsored the awards for 25 years, when it was succeeded by Intelligent Finance. Last year for the first time there was no sponsor.
The shortlist for the 2010 Foster's Awards will be announced on Wednesday 25 August, with the winners declared at a ceremony on Saturday 28 August.
Mark Given, brands director at Heineken UK said: "We have chosen comedy to provide a major marketing platform for Foster's in 2010 and beyond because we know humour plays a large and important role in the lives of our target market."
He added: "Foster's sponsorship of the Edinburgh Comedy Awards underlines our claim that 'Foster's is serious about comedy' and we look forward to working with Nica and her team to develop the awards still further in the coming years."
The partnership builds upon the Heineken UK brand's recent deal with Channel 4 to sponsor its comedy schedule until December. It will sponsor more than 100 hours of comedy on C4 from the end of the month, including 'Peep Show' and '8 Out of 10 Cats', as well as a Film 4 comedy season in June.