Manchester United are close to agreeing a world-record $1 billion kit deal with Nike, reports the Express.
The kit sponsorship deal is set to provide the club with £70 million a year and looks set to be over a 10-year period.
It had previously been reported that the likes of Adidas and Puma were ready to go head-to-head with Nike to secure a deal with the Premier League champions, however it now appears that United will renew their contract with Nike.
The proposed new contract looks set to start in the 2015/16 season and it will further increase Manchester United's financial power in the world of football.
Despite Manchester United's troubles on the pitch this year, they still remain one of the most coveted teams in the game and this latest deal could help continue their long term success.
Manchester United fans will be hoping that the Nike deal helps them further in the transfer market in the upcoming years.