Such a deal could bring the stadium at least £100m in sponsorship revenues and would help ensure that the project is finished by its 2005 deadline.
The move would see the new complex follow the trend set by other venues, such as the Oval cricket ground, which have gone down the corporate sponsorship route.
McDonald's is unserstood to be the frontrunner in the race, with competition from carmaker Ford, lager brand Carlsberg and sportswear brand Nike.
The money would be added to a £120m National Lottery grant and an agreement with West LB Bank, which is expected to provide £400m towards the cost of construction if a provisional deal is finalised in August.
Sport England, a government organisation set up to administer the financing of the new Wembley Stadium, provided the lottery cash to the Football Association for the new complex.
Because the FA is opposed to corporate sponsorship of the venue, it had agreed with Sport England that no sponsor would be sought.
If a sponsor is to be found, however, Sport England will have to renegotiate its deal with the FA.
The move has been criticised by the Conservative Party, which objects on the basis that the UK's national stadium should not have a brand associated with it.
Other UK venues that have signed up corporate sponsors include Cardiff's Millennium Stadium, which is sponsored by BT. The Oval was the first UK sporting venue to attract corporate sponsorship in a deal with Australian lager Fosters. Now, it is known as the AMP Oval.
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