Real Madrid has started talks with representatives of a company from Saudi Arabia, writes The Times.
The Madrid club hopes to sign a sponsorship deal that could bring the club 150m euros over the next 10 years.
If the deal becomes a reality, the company will become a general sponsor of Real Madrid's women's soccer team, and four players from the men's team will be tied to face a campaign to promote women's sports in the Arab country itself.
There are also plans to build the Real Madrid complex in Saudi Arabia, which will include a museum, entertainment for fans and a large store selling items.
So far, both sides have refused to comment officially.