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The Brazilian football confederation said it will try to renegotiate its sponsorship with Nike after the sports equipment company recently announced it will pay nearly three times more to the French national team.

CBF president Ricardo Teixeira told local media that he intends to meet with Nike representatives in the next few days to review Brazil's current deal with the American company. "When the Nike contract (with Brazil) was increased to $22 million per year, we had agreed that we would discuss a new deal when the company raised its sponsorship (contract) with another country," Teixeira told the O Globo newspaper.

Last month, Nike outbid Adidas and French company Airness and promised to pay France 42.6 million euros ($63.4 million) per year from 2011 until the end of the 2017-2018 season.

"We will be objective in analyzing our bargaining power," Teixeira said. "In addition to the visibility of our football, Brazil will be organizing the 2014 World Cup."