Premier League football club Arsenal has officially announced it has an agreement in place for adidas to take over as its kit provider from the start of next season, effective July 1, 2019. The London team is currently outfitted by adidas' German rival PUMA.

The 13-time English champion confirmed the deal via Twitter.

Arsenal last wore the Three Stripes between 1986 and 1994 and has since had its kits produced by Nike before PUMA.

Reports suggest the new deal is worth around £60 million a year (approximately $78 million) over five years, making it twice as lucrative as the club's current PUMA deal and placing Arsenal's adidas kit contract third behind Barcelona (Nike, $183 million per season) and Manchester United's (adidas, $98 million per season) deals. PUMA is believed to have paid around £30 million ($39 million) a year to sponsor the Gunners over the last five seasons.

According to reports, PUMA won't be losing out completely, as the brand is rumored to be on the verge of signing a deal with Manchester City worth $65.3 million per season. Manchester City is currently with Nike.

In other news, Jonah Hill has hinted at a new adidas collaboration on Instagram. Read more here.