All 20 clubs in the top flight have promised 50,000 pounds each to help provide relief to an area where English football is followed passionately.
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"I think everyone has been taken aback by the sheer enormity of events following the Indian Ocean earthquake," said Richard Scudamore, chief executive of the Premier League.
"The Premier League and our clubs have strong connections throughout the region and there was a real feeling amongst the clubs that we should do something as a collective to try and alleviate some of the pain and suffering that is so evident across those areas affected by the tsunami.
"Our thoughts go out to those who are suffering as a result of this catastrophe and hopefully this donation will help make a real difference as the disaster relief operation gets under way."
Football's relief effort was kick-started by Everton's announcement it was opening a relief fund.
The Liverpool-based club decided to take the lead because of its sponsorship links with Thai brewers Chang, who will be responsible for distributing the money raised.
A bank account has been opened to allow supporters to make donations and club chief executive Keith Wyness said there would be a collection at the next home match, against Portsmouth on Tuesday.
"We are the only Premiership club with a sponsor in that part of the world," Wyness said.
"We have already been in touch with Chang and they are working on the ground already and doing a lot of things to assist in that area. We want to work with them and do whatever we can to help."
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