Manchester United have reportedly secured a five-year extension with American sports brand Nike worth a world-record £300m.

The Premier League champions, who are said to have been in talks with the corporation for some weeks, are also believed to have been given sales rights for their kits.

It is understood that the new deal will more than triple the annual amount the North-West outfit currently receive under their terms with Nike, according to The Sun.

Reports have claimed that these fresh terms could rake in close to £1billion in revenue for the Red Devils.