Updated: 1:34 p.m. on May 31, 2018

MILWAUKEE (CBS 58) -- Fiserv says they are not the naming rights sponsor for the new Bucks arena following reports they are close to landing a deal. 

When reached for comment, Fiserv told CBS 58 "We are not the naming rights sponsor."

A spokesperson for the Bucks also responded to a request for comment saying "We don't have a naming rights partner."

This is a developing story. Stay with CBS 58 on air and online for updates. 

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Posted: 12:32 p.m. on May 31, 2018

MILWAUKEE (CBS 58) -- Brookfield financial tech firm Fiserv is said to be in advanced talks to land the naming rights for the Bucks new downtown arena, according to a report by SportsBusiness Daily. 

The report says sources close to possible deal would be for 20 years and $6 million annually. 

According to the report, "while sources did not reveal the precise name that will be used, they said that Fiserv Arena and Fiserv Center were both under consideration."

Stay with CBS 58 on air and online for updates in this developing story.