Chinese company Dalian Wanda is set to provide considerable financial support to Chinese soccer through a comprehensive agreement with the Chinese Football Association (CFA), according to reports.

The company, whose assets are estimated at 140 billion yuan ($21.6 billion) through its ventures in commercial properties, luxury hotels, chain stores and tourism, will invest in the Chinese Super League (CSL) and play a significant role in the management of the competition.

It will also sponsor the league in the name of "Dalian Wanda Plaza CSL" from this season, Titan Sports newspaper said.

The two sides are expected to sign a contract in Beijing next Saturday.

While, CFA deputy chief Lin Xiaohua refused to make specific comments on Wanda's possible involvement, he said the association welcomed all kinds of cooperation in an effort to lift Chinese soccer.

"All companies and entrepreneurs are welcome to work with the CFA in boosting the development of soccer in China," Lin told China Daily. "Chinese soccer is at an all-time low and the CFA is in great need of support from various sectors.

"We appreciate any investment in Chinese soccer, no matter how much it is," he said.

According to Titan Sports, Wang Jianlin, chairman of Dalian Wanda Group, will invest an estimated of 2 billion to 3 billion yuan into the sport over a 10-year period. And the 56-year-old will play a role in CSL sponsorship, CSL operations, overseas program development for teenage players, domestic coach training, referee training and will also inviting a world-class foreign coach to handle the national team.

Rumor has it that the company has already made contact with foreign coaches such as Italian Marcello Lippi and Dutchmen Frank Rijkaard and Guus Hiddink. The final candidate will take over the national team before the third round of World Cup qualification in September, the report said.

The company is expected to support 30 young Chinese players per year in Europe and Brazil. It will also work on enhancing the professionalism of local referees.

Wang played a significant role in Chinese soccer from 1994 to 1998, when he built Dalian Wanda into a soccer powerhouse in the Jia-A League, the country's top-tier league which changed its name to the Chinese Super League in 2004.