Carlsberg face ending their long association with Liverpool.
The Times says Carlsberg is running out of time to negotiate a new shirt sponsorship deal with Liverpool as the Merseyside club hold out for a bumper contract amid interest from a host of leading international companies.
Liverpool are looking to strike a deal similar to the £80 million, four-year arrangement that Manchester United secured this month with Aon, the American insurance giant, but Carlsberg is offering only about half that sum.
The Danish brewer has been Liverpool's main sponsor since 1992, but while talks are continuing and both parties would like their long association to continue, Tom Hicks and George Gillett Jr, the co-owners, believe that the club have been undersold commercially for too long and want a deal that reflects their position as one of the most recognisable brands in world football.