Chelsea are ready to end their sponsorship deal with Three.
The Telegraph reports that the consortium led by Todd Boehly are looking to move on from the shirt deal with Three.
The phone company's logo has featured prominently on the Chelsea kit since 2020 in a deal worth 40m-a-year.
But reports say the new ownership believe they can strike a far more lucrative deal than that with Three.
The club are said to have no plans to extend the contract beyond this season.
Three angered some Chelsea fans last season after publicly asking for their logo to be removed from the football shirt.
Their request came amid Russia's invasion of Ukraine when Roman Abramovich came under heavy scrutiny for his relationship with the Kremlin.
The issue would eventually lead to Abramovich selling up to the Clearlake group led by Boehly.