Manchester United are planning to rake in over £125 million from their new shirt sponsorship.

The Sun says AIG yesterday confirmed they would not be renewing their £19m-a-year sponsorship deal at the end of next season.

The firm has collapsed in the credit crunch and had to be propped up by the US taxpayer. Saudi Telecom, the leading provider of telecommunications in Saudi Arabia, have no such problems.

They are desperate to increase their influence with United, who are massive in the Middle East.

Saudi Telecom already have a £15m, five-year deal with the club to use United's branding with their products inside their own country.

But the prospective shirt sponsorship deal will dwarf AIG's and be worth £25million a year over five years.

United have also made contact with Indian financial services corporation Sahara.