Newcastle managing director Derek Llambias says the club can generate up to £10m a season by attracting a joint shirt and stadium sponsor.
The Magpies have changed the name of their St James' Park stadium to the Sports Direct Arena in an effort to attract a new naming partner.
Llambias says the club need extra funds to compete in the Premier League.
"I would hope to generate between £8m-10m a year, that will give us another player," Llambias told BBC Newcastle.
"To compete we need to go further, we've had a fantastic start."
Newcastle are third in the Premier League, having won seven of their opening 11 matches.
Llambias added: "The fans want us to buy more players, we need a new striker in January, we'll need replacements in the summer.
"We need to give ourselves as much of a chance as possible."
Similarly to Newcastle's plans, Chelsea are considering the option of selling the naming rights of Stamford Bridge, a venue they have been synonymous with since their formation in 1905.
"The history is always going to be there, we need to become part of the history," Llambias said.
"Chelsea have come out to say they're going to rename their present stadium. They have a lot of history as well but they actually have an owner (Roman Abramovich) who has more money than God.
"We can't compare ourselves with Abramovich, we haven't got that sort of money. If we want to compete with the big boys we have to bring more revenue in."
The club's shirt sponsorship deal with north east bank Northern Rock is to expire at the end of the season, and pressure is on to replace the branding in time for next season.
"I need to find a new shirt sponsor by the end of December - and that's the latest," added Llambias.
"Puma need to put the shirt sponsor on, they're manufacturing, and they would like it last month.
"I've got a very small window to sell the shirt and naming rights and, if I have to sell them separately, then I have to sell them separately.
"But we must give ourselves the opportunity, this is inviting people to come in."