Premiership giants Manchester United have announced a record £56.5m four-year shirt sponsorship deal with US insurer American International Group (AIG).

The deal, which starts at the beginning of next season, is the biggest in English football, eclipsing Chelsea's five-year £50m deal with South Korean electronics company Samsung.

The announcement was made by United chief executive David Gill at an Old Trafford press conference on Thursday.

He said: "We are delighted to begin our relationship with AIG.

"This is a deal that is right for Manchester United and it underlines our position as the world’s leading club."

Gill added: "AIG's global operations complement our great fan base and we are excited about the global prospects this relationship brings.

"This is a blue chip deal for a blue chip club."

Martin Sullivan, president and chief executive of American International Group, said: "We believe this relationship will mutually benefit both organisations and we look forward to maximising the value of this high-profile sponsorship to help grow AIG’s businesses around the world."

David Gill, Manchester United: "This is a blue chip deal for a blue chip club."

AIG will replace United's current shirt sponsors Vodafone, who announced last year that it was ending its £36m four-year deal at the end of this season.

Vodafone, the world's largest mobile phone company by revenue, has signed a three-year agreement to sponsor the UEFA Champions League.

Gibraltar-based gaming company Mansion had also been linked with the Old Trafford club in recent weeks.

The largest current shirt sponsorship deal in European football is the £110m, five-year contract Italian giants Juventus have with Libyan oil firm Tamoil.

Real Madrid are paid £14m a year by German engineering giant Siemens, while German champions Bayern Munich earn £11.4m a year from its deal with mobile phone group T-Mobile.

United are owned by US sports tycoon Michael Glazer.