Nine Entertainment is on the verge of sealing a further five-year deal with Tennis Australia for the Australian Open in a deal that could be worth about $100 million a year, highlighting the value of major sporting events that can draw large audiences to the TV networks.

Any deal of this magnitude would be about $40 million a year more than the existing contract, which will run until 2024, and is expected to be made up of a combination of cash and contra, or non-cash benefits, such as TV advertising.