Allianz is emerging as the leading contender to secure the naming rights for West Ham's London Stadium and wider Olympic Park in Stratford.
The London Legacy Development Corporation has been criticised in the past for not securing a sponsor for the iconic home to the 2012 Olympic Games.
But it is understood negotiations are now at an advanced stage.
While there is no timescale on the talks, it is anticipated they will eventually reach a positive conclusion.
Although the London Stadium itself continues to lose money, the LLDC believes the increasing number of events attracted to it, including Major League Baseball - which will return for another two-game series in June - and the wider development on the site mean it is attracting visitors to the area in growing numbers and of value.
While West Ham, as tenants, are not involved in the negotiations, they have been kept informed and are not thought to have raised any objections.
Financial services company Allianz are long standing sports sponsors and already have the naming rights to the prestigious stadiums of Bayern Munich and Juventus, and the rebuilt Sydney Football Stadium.
West Ham would only profit from a stadium-only deal if it exceeded £4m.