According to SportsBusiness Journal, the company is in talks with the International Olympic Committee (IOC) over a possible eight-year deal.

It has been claimed that the agreement will begin in 2021 and run through to the 2028 Olympic and Paralympic Games in Los Angeles.

An announcement is expected to be made in the near future, which would see Allianz become the fifth new TOP sponsor since 2014.

The company, whose headquarters are in Munich, will also be the first insurance partner of the IOC since Boston-based John Hancock left the programme in 2008.

Should the deal be confirmed, it will see the number of the IOC's top-tier sponsors grow to 14.

It would mark another financial boost for the IOC after financial giants Visa extended their deal to 2032 back in July.

The agreement between the IOC and Allianz will also see the company extend its relationship with the Paralympic Games.

Members of the TOP scheme will automatically become sponsors of the Paralympics from 2021 and Allianz has a long-standing relationship with the International Paralympic Committee (IPC).

Allianz's current deal with the IPC runs out in 2020 but they would remain sponsors of the Paralympics from the following year under the terms of the new agreement reached between the IPC and the IOC.

Neither the IOC nor Allianz has publicly commented on the agreement.

Seven TOP sponsors are committed until 2020: GE, Atos, Coca-Cola, Dow, P&G, Samsung and Visa.

Other renewal dates are as follows: 2024 - Bridgestone, Intel, Panasonic and Toyota; 2028 - Alibaba; and 2032 - Omega and Visa.