The US electrical giant opened its first store in the UK in May 2010, in an effort to pinch market share from rivals such as Comet.
Its first shop opened in Thurrock, Essex, followed by stores in Southampton, Liverpool and Merry Hill in the West Midlands.
Best Buy said at the time that it planned to open up to 80 UK stores by 2013.
The company first announced its intention to enter the UK market with the £1.1bn acquisition of 50% of the Carphone Warehouse retail division in 2008.
Best Buy's move to sponsor Everton comes as it bids to establish a greater resonance in the eyes of UK customers.
It already has existing sport sponsorship activities in the US, such as motor sport sponsorship.
The commercial partnership marks the first time that Everton has partnered with an official technology partner. The duration of the commercial partnership has not been disclosed.
To celebrate the deal, Best Buy will launch a match day competition that gives Everton fans the opportunity to win a £500 Best Buy gift card.
At every home game at Everton’s Goodison Park, a camera will swoop across the crowd and pick out an Evertonian to be the lucky winner of the Best Buy-Best Fan competition.
Ian Boyton, sponsorship and events manager at Best Buy UK, said: "We know how important the club is to the supporters and we hope we can use our partnership to create an amazing match day experience for fans both in the ground and in their living rooms."
In its latest financial results, Best Buy UK posted a £62.2m loss in the year ending March 2011.
Part-owner Carphone Warehouse said the UK losses reflected its significant investment in developing the brand following its launch last year.