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The deal also covers the highly successful AFC Podcast which relaunches on Sunday 9th April 2006.
The deal commences on Monday 27th March and will see Setanta advertising on the Inverness Reds website and on the weekly AFC Podcast.
For the launch of the AFC Podcast, Setanta will specially commission a new advertisement featuring former Dons striker turned pundit Scott Booth.
For season 06/07, there will be an exclusive AFC Podcast competition to win a year's subscription to Setanta.
Graeme Mackay of Inverness Reds Online said: "It's an exciting time for the Inverness Reds, securing this deal provides us with much needed funds for the Supporters Club and recognises how important Supporters groups are to the Scottish game.
"With us also securing sponsorship with Setanta for the AFC Podcast, it cements our venture into online broadcasting with one of the biggest names in pay-tv football."
The forward-thinking supporters club ran a trial of the podcast earlier this season, and its success meant it was only a matter of time before it returned.
Aberdeen-Mad regulars and Dons fans from all over the world can contact the AFC Podcast team by phoning 0141 416 1903, texting 07914 865979 and emailing afcpodcast@invernessreds.co.uk**.
**Calls charged at normal rates, normal text charges apply.