We describe in the following work the design, synthesis, and characterization of novel phosphine phosphonate ligands bearing polyethylene glycol (PEG) chains. These ligands can be metallated selectively with palladium and alkali metal ions to provide well-defined heterobimetallic compounds. These palladium-alkali complexes exhibit accelerated reaction rates and greater thermal stability in olefin polymerization compared to their monopalladium counterparts. Our general ligand design strategy could also be extended to other classes of catalysts to boost their catalytic performance.