Everton have already lined up a potential replacement for online car dealership Cazoo as the club's main shirt sponsor.
The current deal is set to come to an end at the end of this current season after Everton invoked a break clause in the £10m per year deal just halfway through the two-year agreement.
The understands that Everton are expecting to be able to generate a higher price for the deal than the one that is currently in place.
READ MORE: Everton report losses of almost £121m despite record turnover
The club have confirmed that improved offers from firms have already been received for the commercial opportunity.
In a statement to The Athletic earlier this month, Cazoo, who stated that they had been unable to agree terms on an extension, confirmed: "We can confirm that the Cazoo sponsorship of Everton Football Club will not continue after the end of the current season.
"The original deal was for two years and it has been a strong partnership over this period which has delivered on our objectives and we are proud to have supported the club and raised over £75,000 for Everton in the Community during this time.
"We were unable to agree suitable terms to extend our sponsorship of Everton beyond the original two years but can confirm that we will remain the principal partner and shirt sponsor of Aston Villa Football Club next season."
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Boosting commercial income will be key for Everton moving forward, with the club's published accounts for 2020/21 revealing a £120.9m loss for the financial year, a result that follows a £139.9m pre-tax loss for the previous financial period of 2019/20.
Everton have directly attributed as much as £170m to the impact of the pandemic. The loss of USM and MegaFon as partners following Russia's invasion of Ukraine will mean that naming rights for Bramley Moore Dock, the Finch Farm training ground and the women's team are all up for grabs.
Last year's accounts showed Everton posting record commercial revenues of £63.7m, a 119% rise on 2018/19.
That figure included the £30m from USM for the naming rights option, which now won't be taken up by USM, and the latest set of accounts have reflected the absence of that boost, with sponsorship, merchandising and advertising revenue totalling £35.5m - a reduction of £28.2m on 2020 accounts.
However, without the £30m boost from USM last year somewhat distorting the picture, the £35.5m posted this year would have been a club record. The current accounts feature the first years of the Cazoo and Hummel deals.