Rich Riley, Yahoo's European managing director, said the acquisition of Premier League rights demonstrates "how serious Yahoo! is about providing the best in video content for our both our users and advertisers".
The deal, which begins with the 2010-2011 football season and runs for three years, will see the videos appear on Yahoo's website from midnight on Sunday after weekend matches and at midnight the same day for midweek fixtures.
"Sport is a passion for our target audiences and the Premier League rights are a key part of our efforts to build on Yahoo!'s reputation for engaging, original content," said Riley.
Richard Scudamore, chief executive of the Premier League, added: "The online highlights package is an important medium for supporters of all our clubs to be able to follow match action.
"Yahoo has a great reputation and presence in new media and we are pleased to welcome them as a Premier League rights holder. I am sure they will do a fantastic job in reaching the widest possible online audience over the next three seasons."