Newcastle have been in talks with Sela over a new shirt sponsorship deal that will commence from next season.
The club have been looking for new lucrative sponsorship deals as the club are worried about FFP restricting their spending.
The talks with Sela emerged recently, but there were worries over whether the Premier League would agree to allow it to proceed.
And it has been claimed that the deal is worth around £25m a season and has been verified as being of fair market value.
Newcastle have filed the documentation with the Premier League.
The deal at £25m will be a big boost to Newcastle’s finances ahead of the summer transfer window.
Newcastle’s Champions League qualification has made them more of a pull for sponsors ahead of the new season.
Abdulmajeed Alhagbani, a member of the Newcastle board, is also the vice-chairman of Sela Sport.