A proposed NFL stadium in downtown Los Angeles would be called Farmers Field under a 30-year naming-rights deal between developer AEG and Farmers Insurance Exchange.

The companies announced the agreement in a joint statement Tuesday in advance of a press conference.

Terms of the pact were not released but a person familiar with the negotiations tells The Associated Press that AEG would get $700 million over 30 years if the firm builds its planned stadium and lures an NFL team to the country's second-largest market.

The person, who spoke on condition of anonymity because they were not authorized to speak publicly about the contract, says AEG would get $1 billion if it places two NFL teams in the stadium.