However, it is believed the new contract will require a redesign of the home kit, with a broad horizontal orange band across the middle of the shirt rumoured to be integral to the new design, according to our man in the know at Reebok.
Such a move is sure to ruffle feathers at Anfield and will be seen as a 'sell out' by many fans, but chief executive Rick Parry is delighted.
"The future is bright and Liverpool Football Club want to be part of that," he insisted. "I've seen initial designs for the proposed red and orange home shirt and I hope it will be the one we return to greatness in."
ED: Don't panic. This was only an April Fool's joke that appeared to have caught out one or two of you!