Insurance firm MetLife will fork over about $400 million over the next 20 years for naming rights to the New Meadowlands Stadium in East Rutherford, NJ.

The $1.6 billion stadium, which is primarily home to the New York Jets and Giants, opened in 2010 to replace the nearby Meadlowlands Stadium.

The deal was initially reported by Sports Business Journal and then supported by other medial outlets on Aug. 19.

MetLife has been one of four “cornerstone partners” along with Verizon, Pepsi and Anheuser-Busch’s Bud Light. That deal, valued at about $7 million annually by industry analysts, included prominent signage throughout the stadium and other advertising and marketing perks.

The venue will host Super Bowl XLVIII in February 2014.

The deal to officially rename New Meadowlands Stadium as MetLife Stadium likely will be unveiled next week. MetLife will be replaced by a new cornerstone partner. The company would remain as the official insurance company of the Giants and the Jets.

Details of when new signage would be in place were not disclosed. Analysts predict there will be significant signage in place by the time the Jets host the Dallas Cowboys for a Sunday night football game on Sept. 11, to be shown nationally on NBC.

That game will also include a memorial and other honors to observe the 10th anniversary of 9/11.

Naming rights had been challenging to obtain mainly due to the recent downturn in the economy. The $1 billion Cowboys Stadium in Dallas, for example, remains without a naming rights deal.

Earlier this week, Sports Authority took over naming rights for the Denver Broncos home stadium for $150 million for 25 years, according to industry analysts.