With just 12 months to go until it will be hosting its first ever NFL regular season game, the Rams and Chargers' new stadium in Los Angeles finally has a name.

The Rams announced on Sunday that the team's new $4.9 billion palace in Inglewood, California, will be known as SoFi Stadium after the two sides agreed to a 20-year deal. SoFi is an online personal finance company that helps people achieve financial independence by offering services that range from borrowing, saving, spending to investing. 

Although the exact terms of the deal aren't yet known, the 20-year contract with SoFi is expected to be the largest naming-rights deal for a stadium in NFL history, according to ESPN.com

If that ends up being the case, that means SoFi will be paying well over $20 million per year for the right to put their name of the Rams and Chargers new stadium which is scheduled to open in time for the 2020 NFL season. 

In terms of total value, the largest naming-rights deal in NFL history currently belongs to the Giants and Jets, who are getting $450 million over 25 years from MetLife. In terms of annual value, the Cowboys have the largest  naming right deal as they get $20 million per year after inking a 20-year, $400 million deal with AT&T in 2009. 

The deal will also likely top the amount that Allegiant just paid the Raiders for the naming rights to the stadium in Las Vegas. In a deal that was announced in August, Allegiant is reportedly paying $20 million to $25 million per year. 

Rams owner Stan Kroenke was hoping to land a deal worth at least $30 million per year, and although it's not clear if he hit that, he sounded thrilled to get the naming rights deal out of the way. 

"It would be impossible to build a stadium and entertainment district of this magnitude without incredible and innovative partners who share our ambitions for Los Angeles, our fans worldwide and the National Football League," Kroenke said in a statement. "Since breaking ground at Hollywood Park, more than 12,000 people have worked side-by-side on this project, and we are proud to now have SoFi join us on this journey as we prepare to open in the summer of 2020."

The new stadium in Los Angeles will have a seating capacity of approximately 70,000, which is expandable up to 100,000 for bigger events. The nearly $5 billion building will also have 260 luxury suites, more than 13,000 premium seats, and over three million square feet of usable space.

The stadium will be hosting Super Bowl LVI, which will be played in February 2022.