The announcement is part of a raft of changes to the Champions League's financial distribution that will come into force over the next four years.
The 64-year-old will take up the position of vice chairman of the European Club Association [ECA].
The announcement came as part of a raft of changes to the Champions League's financial distribution model that were confirmed for the next four years."It is crucial that the Club has a voice at the top of the game, and as we continually seek to strengthen and develop European football as a whole, I will also continue to do all I can to work in the best interests of both Celtic and Scottish football.
"The ECA is a hugely important organisation within European football and it is great news for Celtic that Peter will continue to maintain such an important and influential role within this institution. "Through these new appointments it is fantastic that our voice and interests will continue to be heard at the highest level of European football."
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