The cellular provider has been one of the PSL’s four major sponsors over the past four years, with the season-opening tournament having flown under the banner of the MTN8.
That original deal was set to expire on 31 July, but the PSL have agreed an 11th hour agreement with the company, who will continue to work in tandem with the footballing body.
It was unconfirmed how long and what was the value of the deal.
However, the PSL are still facing a huge financial blow as their title sponsor Absa are yet to agree a new deal, with the current agreement also expiring on Tuesday.
PSL chairperson Dr Irvin Khoza, though, is believed to be thrashing out a deal with the financial service provider, and is hopeful of reaching an agreement before the start of the new season on August 12.
The 2012 MTN8 kicks off on Friday night, with defending champions Orlando Pirates taking on Bloemfontein Celtic.