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.