The project will be called "Trusted Voices," and feature coverage from McClatchy foreign correspondents based in the Middle East, China and Latin America, among other regions.
Yahoo plans to launch the coverage on its news site early in the second quarter of 2007. The companies did not disclose financial terms of the deal.
One of the first projects is called "Inside Iraq," a blog written by Iraqi staffers based in McClatchy's Baghdad bureau.
McClatchy, which publishes the Miami Herald, Sacramento Bee and Kansas City Star, is one of the top U.S. newspaper publishers in terms of circulation.
Like many other publishers, it is searching for ways to make more money online as advertising and circulation trends at its print newspapers weaken.
McClatchy shares were down 19 cents at $31.42 on the New York Stock Exchange. Yahoo shares were down 26 cents at $31.29 on the Nasdaq stock market.