Newcastle United are reportedly in negotiations with consumer finance company Wonga over a sponsorship deal that could include naming rights for the club's stadium.

According to The Telegraph, Wonga could become the Magpies' shirt sponsor in a deal worth £8m per season, beginning in 2013.

Any prospective deal could also include renaming the club's famous St. James Park stadium, which is currently officially known as the Sports Direct Arena.

Newcastle chairman Mike Ashley is thought to be keen on a dual deal, similar to Arsenal's agreement with Fly Emirates, to maximise revenue.

Wonga has an existing deal with Championship side Blackpool which runs out at the end of this season.

The loan company had its advertising deal with the Football League removed earlier this year due to concerns over the high level of interest rates charged by the firm.

Newcastle are currently sponsored by competitor Virgin Money, who are not thought to be in negotiations to extend beyond this season.