As Britney Spears made her debut for Pepsi at the Oscars on Sunday evening, Coca-Cola announced it is to add $300m to the $400m already allocated to its marketing and advertising budget this year.

And one of Coca-Colas first priorities will be to initiate its sponsorship deal with Britney Spears pop rival Christina Aguilera.

Coca-Cola is reported to have signed a deal for Aguilera for the US and Latin American markets.

Pepsi's deal, which it said was the biggest entertainment deal in the company's history, also includes sponsorship of Spears global tour.

Coca-Cola has not yet announced details, but it has been reported that Aguilera will star in the return of its Discovery Can promotion, extending to Diet Coke and Sprite. This will include five instant prizes of $1m and backstage passes to an Aguilera concert.