The new agreement will see the top three male and female winners from each event heading overseas to the sister country, with a lucky random age-group competitor from each event joining them.
Heading to London under the new arrangement this August are 2005 Noosa Triathlon winners, world champion Emma Snowsill (a past winner of the London event) and Chris McCormack.
Mr Peter Beattie also announced the State Government, through its events agency Queensland Events, will continue its long-running support of the Noosa Triathlon for another three years until 2009.
Mr Beattie said by forging a strong relationship with one of the world's top triathlons, the Noosa event has taken a huge leap in its journey to becoming an international favourite.
"From its humble start with just 183 competitors in 1983, the Noosa Tri has developed into a national icon and will now grow its international profile among 10,000 competitors and 150,000 spectators at the London event each year," Mr Beattie said.
Noosa event organiser USM Events' Garth Prowd OAM said the new agreement would give the Noosa Triathlon Multi-Sport Festival access to a huge market and enormous potential for growth.
"As far as triathlons goes, in terms of profile and reputation, it does not get bigger than the London Triathlon - it is a perfect fit with the Noosa Tri and a great opportunity to promote our event and the Noosa region as an international tourism destination," Mr Prowd said.
"We have come a long way in the past 23 years, with year-on-year growth and a sell-out triathlon race, but some of the extended events and celebrations built around the triathlon as part of the multi-sport festival have enormous scope for growth - now the world will find out about them.
"Through the sister arrangement we can promote the Noosa Triathlon during the two-day London Tri and gain access to their valuable corporate and age group competitors which will in turn boost Southeast Queensland's destination and triathlon profile.
"The team at the London Triathlon have been incredibly supportive of the new partnership and I look forward to working closely with them."
London Triathlon Event Director Nick Rusling said the Michelob ULTRA London Triathlon was delighted to be partnering the established and respected Noosa Triathlon.
" We have worked together to create an exciting concept which will help grow the sport in both Australia and the UK, attract an international calibre elite field at each of our events, which will deliver a great race for television," Mr Rusling said.
"We currently have a huge number of foreigners taking part in the London Triathlon, with the Australians leading the way, and this partnership should also help add to the international flavour and fun of the event," he said.
The London Triathlon will be held on August 5-6, 2006. The Noosa Triathlon is the headline event of the Noosa Triathlon Multi Sport Festival which takes place on October 25-29, 2006.
This latest development for Noosa is part of Queensland Events' four-year triathlon strategy to position South East Queensland as the leading international hub for the sport. Earlier it was announcement that the Gold Coast will host the 2009 ITU Triathlon World Championships.