New Arsenal chief executive Ivan Gazidis is reviewing £112 million worth of sponsorship.

The News of the World says former managing director Keith Edelman signed long-term deals with sponsors Emirates and kit makers Nike when the club was trying to finance its new stadium but other top clubs are getting much more cash.

Gazidis believes Arsenal's agreements are dwarfed by those of Chelsea and Manchester United.

He will consider whether it makes sense to renegotiate the deals or buy out the contracts in the same way Peter Kenyon paid £24.5m to end Chelsea's agreement with Umbro five years early in 2005.

A source close to the board said: "Keith successfully negotiated the deals with Emirates and Nike when cash was desperately needed up front to complete the stadium but they now appear weak.

"When Ivan was being interviewed one thing that was spoken about was how to increase revenue streams and, even in these tough times, the club believes there is the potential to negotiate more profitable contracts."