SportsBusiness Journal is reporting that MetLife is close to a deal to buy the naming rights to the New Meadowlands Stadium. According to the report, the deal will be worth between $17 and $18 million a year.

MetLife is in advanced discussions with New Meadowlands Stadium to upgrade its corner sponsorship at the year-old facility to a full naming-rights deal. A source close to the deal described the negotiations as “very advanced, but not complete.”

Other sources familiar with the matter emphasized that while a deal to name the home of the New York Jets and Giants, and the site of the 2014 Super Bowl, MetLife Stadium was not finalized, discussions have progressed enough that those inquiring about naming rights in the last month have been told that they were not available, though a cornerstone sponsorship could be. Several sources said MetLife is paying about $7 million a year for its cornerstone deal, and that the naming-rights package being considered would average between $17 million and $18 million a year.

For New Meadowlands Stadium, the deal would be a significant statement, as well as the ultimate up-sell. National attention has focused on the inability to land a naming-rights partner at high-profile venues like New Meadowlands and Cowboys Stadium. Executives with New Meadowlands, the Jets and Giants, and Wasserman Media Group have been in the market for years pitching the deal, which initially had a sticker price of more than $30 million a year.

The full story is here.