The Orange Bowl lost an orange sponsor when FedEx decided not to renew the BCS game. But sources tell CNBC that Discover Card, which also has orange in its logo, is expected to be the new sponsor of the BCS game.
The game takes place at the Orange Bowl in Miami every January and will next host the National Championship game in 2013.
ESPN, which will start broadcasting all BCS games in 2011, has been working with the Orange Bowl on securing the title sponsorship.
"We are engaged in active discussions with several advertisers around the Orange Bowl and will make an announcement at the appropriate time," said ESPN spokesperson Amy Phillips.
Discover has been the least aggressive in the sports marketing space among its competitors, including American Express , Visa and MasterCard . Discover was one of the biggest sponsors of the WNBA, but bowed out last year after its three-year agreement was completed. It also had a three-year deal to be official credit card of the Arena Football League, which folded in August of last year.
Shares of Discover are up 16.5 percent over the last year, besting market gains of both the Dow and S&P 500.
FedEx was a sponsor of the game for 21 years before deciding not to renew.