Mundo Deportivo report that a Saudi Arabian company has submitted an offer of around €100m to become Barcelona's main shirt sponsor.
The Blaugrana board are reluctant to accept it, in particular, because of Saudi Arabia's poor human rights record. However, accepting it remains a possibility.
The Catalans' current contract with Rakuten ends in 2022 and is not expected to be renewed.
The Japanese company pays €30m per season for their name featuring on Barcelona's kits.
As reported by Marca back in October, the Catalans are looking to earn around €55m per year from a new sponsorship deal.
Mundo Deportivo do not state whether the €100m offer a Saudi company has made is a yearly payment or a total sum of a two- or three-year deal.
The newspaper reports the Catalans have received several other bid from potential sponsors.