One of Australia's leaders in home building and developments, Metricon, are negotiating to have the naming rights for the new Rectangular Stadium in Melbourne.

Sources say the deal is worth $3million a year for the naming rights for the under-construction stadium on Olympic Boulevard which has already become an icon in the Melbourne landscape.

The multi-purpose stadium, which is due to be opened in May next year, will be used for National Rugby League matches involving Melbourne Storm, international events such as Socceroos matches and Australian rugby games, as well as being the home ground of A-League club Melbourne Victory and incoming franchise Melbourne Heart.

The high-tech design with its unique roof and bubble design can be expanded to more than its 31,500 capacity when required which will be ideal if Australia's bid for either the 2018 or 2022 World Cup is successful.