The deal with the German insurance giant has been brokered by the Sao Paulo venue’s developer WTorre and is set to be officially announced on Monday. Financial details behind the contract have not been confirmed, but Brazilian media on Wednesday reported that a 20-year deal has been agreed which will be worth R$300 million (US$148.9 million). The Arena Palestra Itália is set to become Allianz’s fifth global naming rights partner. The company already enjoys deals with the Allianz Arena in Munich, Germany; Allianz Stadium in Sydney, Australia; Allianz Park in London, England and Allianz Riviera in Nice, France.

Palmeiras’ new 43,000-seat stadium is being developed on the site of its former home, the Estádio Palestra Itália, which served as the club’s home ground from 1920 to 2010. Development is said to be at 63% completion with inauguration set for November. However, it will not play a part in Brazil’s staging of the 2014 FIFA World Cup with Corinthians’ new 66,000-seat venue chosen as Sao Paulo’s stadium for the tournament.

The Allianz deal is set to represent the second naming rights partnership for Brazil’s new wave of football stadia. Salvador’s Arena Fonte Nova this month signed a 10-year naming rights deal with beer brand Itaipava, with the agreement marking the first such contract for Brazil’s 2014 FIFA World Cup venues. The contract with Itaipava’s parent company, the Petropolis brewery, is worth a reported R$100 million (US$49.5 million). The venue will host six games during the World Cup, along with three matches at this year’s Confederations Cup.