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Beckham, who is sometimes criticised for being more famous for advertising deals than on-pitch performances, is one of the world's highest earning footballers. In 2004, on the eve of the European Championships, he signed a three-year deal to become the global face of Gillette for a reported £40m.

Last month he signed a three-year deal with Motorola to promote its products for an undisclosed sum, after being dropped as the face of rival Vodafone last July.

His contracts with Pepsi and Adidas are understood to be worth in the region of £10m, but his decision to end his five-year reign as England captain is likely to have a negative effect on his future endorsement potential.

David Haigh, the chief executive of independent brand evaluation firm Brand Finance, said: "Inevitably [Beckham standing down] is going to dent his ability to get huge contracts if he is not England captain. It would take a big chunk off, and obviously it would be millions."

Beckham, who has won 94 caps for England, announced his decision to stand down as England captain at a press conference in Germany yesterday, following the team's crashing out on penalties to Portugal.

He injured his knee in the 51st minute of the quarter final match and had to be taken off, and would have played no further part in the tournament even had England won, given the extent of the damage.

Beckham, who will continue as an England international, has said in the past that he has no desire to become a football manager, but would concentrate on coaching once his professional career is over.

However, now aged 31, he may have played in his last World Cup, and his management are likely to be planning for life without the England captain armband as a sponsorship deal incentive.

The two frontrunners for the England captaincy, Liverpool's Steven Gerrard and Chelsea's John Terry, also have high-profile ad deals, but they are still dwarfed by the amount Beckham earns off the pitch, which is boosted by his celebrity wife Victoria.

Terry, who is considered the bookies favourite for the job, has a £1m deal as the face of King of Shaves, as well as Pepsi Max.

Gerrard, who is considered one of the top-20 most valuable footballers in terms of brand potential according to a recent poll by BBDO in Germany, signed a £1.5m deal to promote Unilever's Persil washing powder in May, and already sponsors Lucozade, Pringles and Adidas.

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