German club Schalke have finally confirmed a new shirt sponsor for next season.

The club have announced a multi-million euro sponsorship has been struck with Gazprom in a deal that will see the energy giant take over from Victoria to be the club's next official shirt sponsors.

The deal, which had been the centre of much speculation in Germany, was confirmed at a press conference on Tuesday.

"We could not have found a better partner than FC Schalke 04," explained Hans Joachim Gornig, the manager of Gazprom's German branch ZGG.

The deal with the Russian energy giant is the second largest in the Bundesliga behind Bayern Munich's partnership with the German Telekom.

Although no precise financial details were revealed, it is believed Schalke will earn up to 25 million euros (£17million) in each of the five years of the contract.

That takes their potential earnings to 125 million euros (£84.5m) between next July and July 2012.

"The agreements with our most important partners are all long-term, guaranteeing Schalke the highest possible revenues in this area," explained the club's financial manager Josef Schnusenberg.

While the deal is one of the most significant financial moves in the history of German football, the Gelsenkirchen-based club have moved quickly to quash rumours it forms a takeover.

Chairman Gerhard Rehberg instead welcomed the interest from such a large Russian company in helping achieve the club's long-term ambitions.

He said: "We are very proud that one of the largest energy companies in the world has consciously chosen to enter into a long-term agreement with FC Schalke 04.

"This is proof that our club has grown in international stature in recent years. But Schalke 04 remains independent."

Meanwhile, Schalke have announced a partnership with Russian club Zenit St Petersburg, a club 75% owned by Gazprom.

The cooperation will begin from next summer, including a January 20 friendly, and could see players moving freely between both clubs.