The WRU has teamed up with Brand Asset Management and CSS Stellar, which have developed a sponsorship package that includes the chance to become the next team sponsor of Wales.
The deal to sponsor the Welsh national team is for the 2004-2007 seasons. The team is currently sponsored by sports clothing firm Rockport, a subsidiary of Reebok, whose deal with the WRU expires later this year.
The project is being marketed under the banner of Team Cymru and is being launched in the run-up to the Six Nations tournament, which begins on February 14. It is contested by England, Scotland, Ireland, Wales, France and Italy.
With 25% of the total UK population watching Wales v England in the Six Nations 2003, interest in 2004 is expected to be far greater.
Gwyn Thomas, general manager of commercial and marketing for the WRU, said: "The sheer volume of interest in rugby and in particular the Welsh National Squad in recent months has been staggering."
The WRU says it has, in a few weeks, already received a high level of interest in the national squad shirt sponsorship in the wake of England's World Cup win, which has boosted all of the home nations.
As well as finding a new national team sponsor, the sponsorship team is also in the process of packaging a series of secondary rights to maximise commercial possibilities for the WRU.
Thomas said that the sponsorship represents a unique opportunity for the right brand to catch the huge wave of interest in rugby, which is now the number two sport in the UK with more than 15m regularly following the game.
Also in the WRU's favour is the fact that only Wales and New Zealand can claim rugby as their national sport.
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