Report: English FA to sign new £400M kit deal with Nike

England's Football Association (FA) is clearly pleased with its current look.

The FA is on the verge of signing the most lucrative kit deal in its history, as the Guardian reports Nike has agreed a £400-million contract to continue crafting the Three Lions' uniforms for the next 12 years.

The American manufacturing behemoth has produced all of the national team's kits - for women's and men's teams, at both youth and senior levels - since replacing Umbro as official sponsor in 2013.

The deal is believed to be a financial upgrade on the current accord, which expires after the 2018 World Cup in Russia; the new agreement will kick in afterwards.

The opulent contract will, however, have penalty clauses related to performance, according to the Guardian:

For the first time, penalty clauses and bonuses will also be included in the contract, meaning Nike’s payment to the FA could reduce if the men’s senior team fails to qualify for a major tournament or increase if they qualify and go onto reach the latter stages, specifically the semi-finals or beyond.

The report adds that confirmation of the new agreement is slated for either the end of this week, or the beginning of next.