The Glazers have turned down a £20 million-a-year offer to rename Old Trafford.

Manchester United's American owners have ruled out selling the naming rights to the stadium.

The Sunday Telegraph says United's American owners regard stadium naming rights as off-limits as a means to further boost Old Trafford's commercial income, despite the increasingly lucrative market for stadium branding and re-naming. United are due to publish their latest quarterly accounts on Thursday.

Arsenal currently earn £30million-a-year from their combined stadium naming rights and shirt sponsorship deal with Emirates Airlines, while Manchester City are looking to improve on their current £35m-a-year deal with Etihad Airlines, which covers naming rights, shirt sponsorship and the branding of the so-called Campus area around the stadium.