Paris Saint-Germain have announced a long-term contract extension with kit manufacturer Nike, which is now one of European football's most lucrative, a source told ESPN FC.

The French champions are tied to the American brand until 2032 and will more than triple their previous deal. It now puts PSG ahead of Manchester City, Chelsea, Arsenal, Bayern Munich, Tottenham Hotspur and Liverpool with an annual figure in excess of €80 million.

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Only Real Madrid, Barcelona and Manchester United will be earning more through their kit sponsorship contracts than the Ligue 1 giants, who will continue their unbroken 30-year association with Nike through the biggest sponsorship agreement in the club's history.

"The agreement represents a very important milestone, reflecting what the club has become on the global stage and the great ambitions we have for the future," PSG chairman and CEO Nasser Al-Khelaifi said in a statement. "Nike has been the club's most faithful partner and this deal shows its firm commitment to continue with us every step of the way for many years to come.

"Thanks to Nike and Jordan we have had a record season for shirt sales, one of the biggest in European football. We look forward to continuing this fast-paced growth and break yet more new ground in the years to come."

Starting in the 2019-20 season, PSG will be earning significantly more through their renewed kit and new shirt sponsor AccorHotels' Accor Live Limitless (ALL) lifestyle loyalty platform -- already one of the leading European deals.

Les Parisiens have overtaken City's €72.1m 2019-20 campaign agreement with kit maker Puma, although PSG still trail Real's €110m Adidas contract, Barcelona's €105m Nike bond and United's €83.1m Adidas deal.*

PSG also said the new Nike deal will cover the men's and women's football teams, as well as its handball outfit, and that the new home kit will be unveiled on July 1.

The French capital outfit also recently launched the second season of their collaboration with Jordan with Neymar prominent in the promotion amid links with a move away from Parc des Princes.

There was an additional boost this week with the Chinese insurance firm Ping An now part of PSG's growing list of international partners.

*All figures taken from Brand Finance's May 2019 update