Camp Nou, Nov 28: Barcelona are preparing to sell off the naming rights for the Camp Nou for a whopping £355million deal with talks on an advantage stage, according to trusted Spanish media RAC1.

The Home of Lionel Messi and Co. reportedly will get a new name after the club reportedly broke a deal with Spanish pharmaceutical giants Grifols. The possible name change would follow the ground's renovation, which would increase the stadium's capacity while also developing facilities as part of the revamp, which is expected by 2022.

The Spanish side are reportedly looking to capitalise on the promise of future successes by bringing in more funds from matchday revenue.

Barcelona earlier in the last winter also welcomed suitors to invest in the stadium but later the report was specifically denied. However, now as per Spanish radio station, RAC1 on the latest 'Tu Diras' programme they lately have been in talks with Grifols and a deal could be finalised before the end of the year.

Barcelona are set to rename the Nou Camp in a £355m deal with Catalan pharmaceutical company Grifols. pic.twitter.com/J47CURF999

— little promzy (@lilpromzy27) November 28, 2018

The most recent talks are assumed to have been taken with a high level of privacy and Grifols are said to be leading the race for naming rights, ahead of another big company of Barcelona, multimedia communications group Mediapro.

The deal will see Barcelona investing at least €200 million in the 'Espai Barca' project to refurbish the space circling the Camp Nou and establish a new Palau Blaugrana, the indoor arena used by Barcelona's basketball, handball, futsal and roller hockey teams.

However, as per reports, there are still some issues to be resolved before a public announcement is made. The new name of the stadium also believed to have not been fixed yet.

Earlier, English sides like Arsenal and Manchester City applied the idea of selling the naming rights of the stadium. They are sponsored by the Fly Emirates and Etihad Airways and if reports are to be believed it's now Barcelona's turn to follow the trend.