UPDATE: 4:07PM EST: A team spokesman has informed me that the Jaguars have nothing to announce at this time.
I have also learned that the Jacksonville Jaguars are making pitches to local businesses in an effort to have the adjacent practice fields sponsored.
UPDATE: 6:15PM EST: WJXT reported on their television news cast that no contract has been signed between the two parties, and the cost of the deal was unknown. It also mentioned that 75% of the revenue would go to the team and the remaining 25% would go to the city of Jacksonville.
UPDATE 10:30PM EST: There is a press conference scheduled for 2 PM tomorrow afternoon. It is expected that is when the deal will be announced, and is believed to currently be a 2 year deal.
UPDATE 11:59PM EST: According to Chet Fussman of the Florida Times-Union, the reported deal will be for 5-years and that the Jaguars were seeking around $5 million a year.
There are no known terms of the deal as of yet, but an announcement is expected to be officially made within the next 24 hours.