The collaboration will see a range of consumer products from the 75-year-old Polaroid launch exclusively at Asda from this month, including TVs, media players and audio equipment.
Products include a 42-inch Polaroid LCD HD and 3D television priced at £399 (including four sets of 3D glasses), and a Home Theatre Speaker System for £39.97.
Polaroid has had a rocky history since it was founded by Edwin H Land in 1937. The company sprung to fame with its revolutionary Polaroid cameras, enabling people to take a photo and almost instantly see the results.
The late Apple co-founder Steve Jobs was said to have been greatly inspired by Land's invention, with the simplicity and style of the Polaroid camera later influencing Apple's iPod, iPhone and iPad.
Polaroid was at the height of its powers in the 1980s after it defeated Kodak in a key patent battle, leaving the way clear for it to dominate the instant film market.
However, the corporation soon fell behind following the emergence of digital cameras and smartphones, eventually filing for Chapter 11 bankruptcy protection in the US in 2001, with most of its assets being sold on.
Polaroid's flagship analogue camera line was discontinued in February 2008 and the company has since been attempting to reinvent itself for the digital age, including a diversifying of its product range beyond camera and film, and the signing up of celebrity ambassadors such as pop star Lady GaGa.
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Asda said that whilst Polaroid is best known for its instant cameras, Land's technology is also used "at the heart of all modern televisions". This includes special polarising filters developed by Polaroid labs that are used in LCD technology.
"We're extremely proud to be stocking this exciting new range of products from Polaroid," said Michael Arnott, Asda's technology expert.
"It is a brand synonymous with high quality, instant entertainment and value and therefore a perfect fit for our customers."
He added: "Polaroid has a fantastic brand heritage and all the new products, from TVs to phone docks, share that original purpose - to entertain at the press of a button.
"After 75 years, Polaroid continues to update its image and the new range of products showcase some very modern technology at very attractive prices."
The full Polaroid range, which also includes audio and home entertainment products, will launch in Asda's larger UK stores on July 26, as well as online.