Carlsberg is running out of time to negotiate a new shirt sponsorship deal with Liverpool as the Merseyside club hold out for a bumper contract amid interest from a host of leading international companies.

Liverpool are looking to strike a deal similar to the £80 million, four-year arrangement that Manchester United secured this month with Aon, the American insurance giant, but Carlsberg is offering only about half that sum.

The Danish brewer has been Liverpool's main sponsor since 1992, but while talks are continuing and both parties would like their long association to continue, Tom Hicks and George Gillett Jr, the co-owners, believe that the club have been undersold commercially for too long and want a deal that reflects their position as one of the most recognisable brands in world football.

The present deal with Carlsberg, which was signed in February 2007 in the wake of the Americans' takeover at Anfield, is worth £7.2 million a year and expires next summer. Carslberg has until the end of July to negotiate a new contract exclusively with Liverpool but thereafter the club will be able to explore other options.

Liverpool believe that United's agreement with Aon has set the benchmark and that it is only right that they seek a comparable deal as the most successful club in English football history with an enormous worldwide fanbase.

Although Liverpool would like to conclude a deal sooner rather than later, they do not want to “get into bed” with the wrong partner and are prepared to take their time.

Chelsea will also be in the hunt for a new shirt sponsor should they not reach a new agreement with Samsung. Their present five-year deal with the Korean electronics company is worth £10 million a year and expires in June 2010, but with reports suggesting that Chelsea believe that a new contract is worth double that, it remains to be seen if Samsung is prepared to cough up the funds.

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£80 million The four-year deal Manchester United signed with Aon takes effect from next summer
£75 million Juventus have a five-year contract with Tamoil, the international oil company
£68 million Bayern Munich's four-year deal with T-Home
£50 million Chelsea signed a five-year contract with Samsung in 2005
£38 million Real Madrid's three-year deal with Bwin.com, the Austria-based online gaming company