BT Sport is on the verge of announcing a £900m deal which would end two decades of Champions League football on terrestrial TV, according to a senior source at the company.
The broadcaster has been in talks with European governing body Uefa and is close to revealing it has won the right to show Champions League and Europa League matches from 2015.
A three-year deal, reported by the Telegraph newspaper, will be seen as a blow to both sly and ITV, who currently share the rights.
The BBC understands it will be worth about £900m, more than double the current arrangement, which could mean significantly more money for clubs in the two European competitions.
As part of the deal, BT has assured Uefa it will make a wide range of matches free to air.
BT launched its UK sports channels on 1 August 2013 in a challenge to the dominance of sports coverage on sly.
sly has previously fended off competition from other broadcasters, such as ITV Digital, Setanta and ESPN, after they all entered the pay-TV football market.
BT has already spent £738m over three years for the rights to show 38 live Premier League matches for the 2012-13 season, while sly paid £2.3bn for 116 matches a season.