Chelsea have announced a new sponsorship deal with sportswear giant Nike which they describe as "the largest commercial deal in the club's history".

The new deal comes after the Blues ended their partnership with Adidas last May, six seasons ahead of schedule. Nike will become the club's official supplier as of next season, with the Daily Mail reporting the deal is worth a staggering £60m ($73m) a year.

Chelsea director Marina Granovskaia said: "This is an incredibly exciting and important deal for the club. Like Chelsea, Nike is known around the world for its excellence and innovation and we look forward to working together in what is sure to be a successful partnership. We believe Nike will be able to support our growth into new markets as well as helping us maintain our place among the world's elite football clubs.'

Trevor Edwards, President of the Nike Brand, said: "Chelsea are a world-class club with a rich tradition and passionate fans across the globe.

"The partnership with Chelsea reinforces our leadership position in football. We are excited to help grow the club's global reach, serving players and supporters with Nike innovation and design."

Chelsea reportedly paid Adidas a £40m termination fee to end their partnership ahead of schedule, a fee that will be comfortably covered by their new deal. The German sportswear giant had sponsored Chelsea's kits from 2006.

Their new agreement with Nike is likely to be the second most lucrative in the Premier League behind United's partnership with Adidas, which is worth £75m a season.