The National Indoor Sports Arena (Nisa) opposite Celtic Park in the east end of the city will now be known as the Emirates Arena as part of the £5 million agreement.
The landmark deal, the largest ever sponsorship agreement between Glasgow City Council and a commercial partner, will see the entire complex, which included the Sir Chris Hoy Velodrome, known by the airline's name.
On top of the cash, those involved with the deal have expressed delight in their association with an internationally recognisable brand name and one associated with sport throughout the world.
As well as Arsenal's stadium in London, Emirates's history of supporting sport both in the UK and worldwide includes the International Cricket Council, the Fifa World Cup and the 2012 Ryder Cup.
In its first four months of operation, the new Glasgow venue will play host to no fewer than eight Scottish, European or world-level sporting events, including the first outing of the successful Team GB cyclists since the Olympics.
The arena will prominently feature the Emirates branding although exactly in what form is still under discussion.
It is also understood the name may have to be dropped during the Commonwealth Games, in a similar arrangement to London's O2 Arena, which became the Greenwich Arena during the Olympics.
One senior source close to the deal said: "We're associated with a premier league brand now. You think of Emirates you think of Arsenal's new stadium, World Cups and now our arena. It really is something of a coup."
The £113m arena, which will open its doors for the first time on Friday, includes the velodrome, the Commonwealth Indoor Sports Stadium, three full-size sports halls, one of the largest and best-equipped Glasgow Club health and fitness centres, a luxury spa, an outdoor 1km closed cycle circuit and four outdoor five-a-side football pitches.
The indoor arena will have 6500 spectator seats when set up for sporting competitions, while the velodrome will have a permanent capacity for 2000 seated and 500 standing spectators viewing the 250-metre cycle track.
The facility will be a national training centre for athletics, basketball, netball, track cycling and volleyball, and will include Scotland's first dedicated indoor velodrome, providing elite training and an international competition standard venue.
Richard Jewsbury, Emirates's senior vice-president commercial operations Europe, said: "We sponsor a number of the world's most prominent inter-national sporting and cultural events and this multimillion- pound agreement will not only help to inject significant funds into the Glasgow economy, but highlight Glasgow's place on the international sporting stage."
Gordon Matheson, city council leader, said: "Many of the world's top sports venues enjoy the considerable benefits and prestige secured through a naming-rights agreement and this partnership with Emirates puts us firmly in that elite group.
"The Emirates Arena is a truly world-class venue that will host a world-class sporting events programme."