Chelsea look set to sign a lucrative kit deal with Nike

The London club bought themselves out of a deal with Adidas last week

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Picture by: Adidas

Chelsea look set to sign an multi-million euro deal with Nike, after announcing last week they were cutting short their deal with Adidas.

The Premier League side were in contract with the German manufacturer until 2023, but decided to end the arrangement at the end of next season. The club are expected to pay Adidas an eight-figure amount in compensation.

According to the Daily Telegraph, the deal with Nike, will be double the amount, Adidas were paying the club on an annual basis. The deal will put Chelsea only behind Manchester United, and have the second-highest kit deal in the Premier League.

Next season, the club will expend their revenue streams even further. Thai energy drink Carabao will have their logo placed on all of Chelsea's training gear, in a deal to complement the kit sponsorship with Yokohama Tyres.

The multi-million euro deal may help new manager Antonio Conte push ahead and try and return the team to contending for the Premier League title. Next season will be Chelsea's first without European competition since the 1996-97 season.

Last season's Premier League champions finished in tenth place, 31 points behind Leicester. It was their lowest league position and points total since 1996.