Arsenal are on the brink of a massive new sponsorship agreement.

The Mirror says Arsenal are bidding to renegotiate their Emirates shirt sponsorship deal.

The Gunners feel they have sold themselves short with their £5million-a-year deal which has six years left to run.

But that arrangement is dwarfed by Manchester United's four-year contract - worth over £20m a season - with Aon, who will replace insurance giant AIG from the beginning of next season.

Arsenal signed their long-term deals with Emirates at a time when the club were desperate to raise the £350m needed for their new stadium.

But they now believe they have the clout and the growing worldwide fan base to put themselves at least on course to earn as much as their Premier League rivals and the Gunners are actively looking to do so.

Some experts believe Emirates may be open to negotiations after its owners reported a slump in profits in the year to April.