The deal is reported to be worth as much as €125 million over a five-and-a-half year period.
Schalke has not yet confirmed the deal, but according to media reports, Gazprom, which accounts for almost a quarter of the world's gas production will take over the main sponsorship of the club from Victoria Insurance, whose contract with Schalke runs out in June 2007.
The deal would be the largest sponsorship ever in German football, eclipsing the €20 million a year that Bayern Munich receives from Deutsche Telekom. Schalke is estimated to have debts of as much as €120 million.
