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Managing director Billy Hogan has confirmed that talks are underway as Liverpool look to strike the most lucrative kit deal in the club's history.

The Reds' current arrangement with New Balance, which is worth around £45million per season, expires at the end of the 2019/20 season.

Hogan is leading the club's pursuit of a new deal which recognises Liverpool 's thrilling resurgence as a dominant force both in the Premier League and the Champions League under Jurgen Klopp .

Manchester United have the most lucrative contract in the top-flight as they bank around £75million per season from Adidas. The Reds believe they should be commanding that kind of figure .

Finance expert reveals how much Liverpool can expect from massive new kit deal

Liverpool haven't ruled out signing an extension with Boston-based New Balance but are also in dialogue with rival companies.

“We are in conversation with New Balance and we are in conversation with others as well,” Hogan told The Drum.

“(The kit deal) is an incredibly important partnership – not just for the financial support it delivers for the club but also from the distribution standpoint.”

With Liverpool challenging for the Premier League title and preparing for a last 16 tie with Bayern Munich in the Champions League having reached the final last term, their negotiating position could hardly be stronger.

The Reds have worn New Balance since 2015/16 having previously worked with their affiliate company Warrior from 2012/13.

The partnership has proved successful with this season's kit the highest selling in the club's history .

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The club's latest accounts, published last week, showed that commercial revenue for the year to May 2018 grew by £17million to £154million.

Liverpool currently boast 30 brand partners, including main club sponsor Standard Chartered, shirt sleeve sponsor Western Union and training kit sponsor BetVictor.

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The club's history and tradition counts for a lot but so does the fact that Liverpool's online content has surpassed one billion video views so far this season. Hogan is targeting further expansion in the States, China and India.

“It's a competitive marketplace,” he added.

“Not just those in the Premier League but across Europe. And we would argue wider than that – outside of football even.

“From our perspective, there is obviously an incredibly deep and rich history over the course of 126 years here at Liverpool FC which is based upon extremely strong values.

"When you think about what that means in terms of the reach and the size and the scale, bringing that to a partner, there are very few other properties within sport frankly that can offer that.”

According to Brand Finance, Liverpool FC's brand value has increased by 33% in the last 12 months.

The Reds were the most watched English team across all competitions last season with around 880 million viewers across the globe.