MetLife is in advanced talks with the NFL teams on acquiring the naming rights to the stadium that will be the site of the 2014 Super Bowl, Sports Business Daily reported Monday.
Neither team nor the New York-based insurance company would comment on the report.
The deal would be worth between $17 million annually, Sports Business Daily reported.
"We're not commenting on rumors or speculation about this," MetLife spokesman Chris Breslin said in a telephone interview with The Associated Press.
"We have no comment," Alice McGillion, a spokesperson for New Meadowlands Stadium, the $1.6 billion plant that was privately built and co-owned by the Jets and Giants, told AP.
MetLife currently pays about $7 million annually to be one of four cornerstone sponsors for the stadium that opened last year. It would drop that position if it acquired the naming rights, opening a sponsorship for another company.
The other cornerstone partners are Verizon, Anheuser-Busch and PepsiCo.
The stadium's management team was initially looking to get $30 million for the naming rights, but the timing of construction with an economic downturn didn't help. Allianz, another insurance company, was interested in naming rights early on, but encountered public outcry after media reports surfaced about ties to the Nazis.
Information from ESPNNewYork.com's Jane McManus and The Associated Press was used in this report.