According to a report in The Independent, a source close to negotiations in the UAE said no deal is imminent as the club is confident of securing a mammoth deal with either Qatar Airways or online gambling outfit Mansion.
The paper suggests this could smash Chelsea's massive deal with Samsung, which is worth £11m a year, and even top the world's biggest deal, Juventus' £15m partnership with Libyan oil company Tamoil.
If successful, the move would go some way towards helping Manchester United reclaim the title of the world's richest club. According to this year's Deloitte Football Money League, Man United has been replaced as the richest club by Real Madrid.
It is understood that Etihad is still keen to sign a deal, which will involve shirt and possibly stadium sponsorship because it is set to launch a daily service between Abu Dhabi and Manchester.
Negotiations to find a new sponsor, following Vodafone's termination of its £9m-a-year deal last November, is being led by Bryan Glazer, whose family controversially took over the club last year.
Glazer is keen to see a deal in place by the end of March, so that shirt manufacturers Nike can begin production of the new kit.
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