Bayern Munich have extended their sponsorship deal with automotive manufacturer Audi until 2029, the German champions announced on Tuesday.

According to German tabloid Bild, Audi, who have sponsored the Bavarian giants since 2002 and have been shareholders since 2011, will pay Bayern 60 million euros ($66.8 million) a season instead of the current 40 million.

The duo's previous contract ran until 2025.

"For Bayern, this agreement is an important step for the coming years," said club president Karl-Heinz Rummenigge.

Last season Bayern generated 660 million euros of revenue according to consulting firm Deloitte, which ranks the five-time European champions fourth in its Money League behind Barcelona, Real Madrid and Manchester United.

In June, Bayern sued BMW for between 10-20 million euros following the failure of a sponsorship deal between the club and automobile giant, which reportedly demanded that their contract with rival Audi be broken before any deal between the parties be done.