It has made Cancer Research UK its charity of the year for 2012/13, after being the main sponsor of its Race for Life fundraising event for a decade.
David North, Tesco's UK corporate affairs director, said the firm wanted to make a difference in helping reduce the burden of cancer, Britain's second-biggest killer after heart disease.
He said: "This is the first time we have chosen a research charity. Cancer Research UK is a hugely effective, well run, brilliant charity."
Cancer is often diagnosed at a later stage in people in Britain than in other comparable countries. Early diagnosis can radically improve the chances of survival.
The supermarket chain is on target to raise "upwards of ?7 million" for its current charity of the year, the Alzheimer's Society, said Mr North, the most it has ever raised.
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