According to Indiantelevision.com, the deal is the largest ever multi-year broadcast sponsorship contract in India. If successful, Future Group has an option to extend the deal for a further two years.
Neo already has two other anchor sponsors in Hero Honda and Perfetti and is looking to close negotiations on a fourth and final one by next month.
Future Group has also paid a reported Rs 100 million ($2.5m) to secure title sponsorship for the India v Australia series that starts September 29 and which has been named 'The Future Cup'.
The co-presenting sponsors for the series are Hero Honda, Reliance Mobile and Pidilite. The associate sponsors are LG, Intel, Perfetti and S Kumars.
The series involves seven one day internationals and one Twenty20 fixture.
