The future of Barclays' sponsorship of English football's Premier League has been cast into doubt by reports it will review its £40m-a-year deal.

The bank's current contract is in the first year of a three year tie-up that runs until the end of the 2015-16 football season.

Members of Barclays' management are concerned that rapid inflation in sports sponsorship costs will mean a much higher amount will be demanded next time, the Sunday Telegraph reported.

Barclays has been the sponsor of the Premier League since 2004 – and its credit card division, Barclaycard, had previously sponsored the competition from 2001. The bank paid £120m in 2012 for the present rights, 50% more than for the previous deal, which cost £82m.

In December, Barclays said it was pulling out of sponsoring Boris Johnson's bicycle hire scheme in central London as part of a wider review.