Cano will make his debut with a television spot that will run during the Major League Baseball All-Star Game this Tuesday. Cano will start the game on the field for the American League.
"He represents the kind of athlete who is in the moment, has a great personality and connects with consumers," said Heidi Sandreuter, senior director of sports marketing for Pepsi, which has been the official sports drink of the league since 1997.
Financial terms of the multiyear deal were not disclosed.
It's the first marketing deal Cano has signed since he signed with Jay-Z's Roc Nation Sports. The new sports firm teamed up with CAA to represent Cano, who will be a free agent after this season.
"This deal reflects how powerful Robinson's brand is," said Roc Nation Sports spokesman Ron Berkowitz. "His personality and performance and crossover appeal are all attractive to corporate partners."
In April, Pepsi made Jay-Z's wife Beyonce its highest paid endorser when the company signed the popular entertainer to a massive, wide-ranging deal. Jay-Z himself does not currently have a deal with the soft drink brand.