The International Cricket Council has opened bids for sponsorship for the next eight years. Currently LG, Pepsi, Hero Honda and Hutch are the main sponsors. However, both the Ambani brothers could be heading for this pitch as well, reports CNBC-TV18.

Over the last eight years, ICC has managed to generate revenues of about $550 million from sponsorships, telecast and media rights. For the forthcoming tournaments including the two World Cups, this figure is expected to at least double. Like last time, ICC is likely to bat with four global partners.

However, the battle for bids might just get tougher. The buzz is that Mukesh Ambani has set aside a whopping $1 billion advertising budget till 2010, and has already put in its bids for the ICC sponsorship rights. Sources say the group could spend about $500 to $600 million to bag the sponsorship rights for ICC's cricket events over the next eight years.

This isn't a first for RIL. It had sponsored the World Cup in 1987. CNBC-TV18 also learns that the Anil Dhirubhai Ambani Group could also be in the fray for sponsorship rights.

LG has been one of ICC's global partner for the on-going period and is yet to take a call on bidding for the next round of big ticket events. The other big sponsor, Pepsi has declined to comment. According to ICC, a high-level body has commenced the sponsorship sales process.

The new deal will begin soon after the World Cup in the West Indies ends in April. The council will also release an ambush marketing programme with the aim of protecting its sponsors and help them combat ambush marketing.