They are ready to pay in excess of £1.2 billion for a three-year deal starting in 2021 after beating off competition from Sky and ITV, while Amazon were also interested.
UEFA are likely to announce the new deal on Friday after the bids went in on Monday but BT Sport are set to keep Gary Lineker and co. on TV screens for another three years.
It comes despite concerns about advertising and viewing figures on BT Sport with even last year’s Champions League games attracting a fraction of England games shown on terrestrial TV.
But ITV and Sky appear to have lost out on a potential joint bid with Amazon fearing they have missed out.
The previous agreement saw BT pay £1.2 billion to show Champions League fixtures from 2018-21, with the new deal set to at least top that.
The showpiece event broke BT Sport’s audience record in its six-year history, attracting 11.3 million viewers – a third more than the previous season’s 8.5 million total.
BT still provide the final to viewers free of charge, while all other matches are available only to subscribers.
Amazon were hopeful of getting in on the act, having recently agreed to stream 20 Premier League matches this season as they place increased focus on their sports provision.
ITV meanwhile were successful in wrestling back FA Cup action from BT, while Sky have struggled to withstand the threat from their main rival, although they still hold most of the rights to the Premier League.