The agreement was confirmed by the International Tennis Federation (ITF) and Kosmos Tennis, on the eve of the former’s Annual General Meeting here in Portugal's capital.

"The ITF is delighted to welcome AirAsia as an official partner of the Davis Cup Finals," David Haggerty, the ITF President, said.

"We are pleased to continue to partner with premium brands who recognise the value of this prestigious competition, and welcome the opportunity to promote the Davis Cup, and the sport of tennis to global markets."

Malaysian airline AirAsia are the latest sponsor to agree to support the Davis Cup Finals, with Rakuten already confirmed as the presenting partner of the event.

Adecco, Head and Bein Sports are among the sponsors and partners of the Finals.

AirAsia Group chief executive Tony Fernandes raised the prospect of a future edition of the finals taking place in Southeast Asia after striking the agreement.

"Sharing and supporting our guests’ passions has always been key to our success as a brand, and why we couldn’t be more excited to be involved in this year’s Davis Cup by Rakuten Finals," he said.

"The Davis Cup Finals are also a natural extension of our existing sponsorship portfolio, which now includes the World Surf League, Asean Basketball League and the UFC.

"We look forward to bringing our brand and region to life in Madrid later this year and hope that one day soon, we’ll see the Davis Cup Finals hosted right here in Southeast Asia."

The first edition of the Davis Cup Finals are due to take place next month, with competition held at La Caja Magica in Spain’s capital city.

The tournament was revamped by the ITF last year after support was given to enter into a partnership with Kosmos Tennis, an organisation backed by Spanish and Barcelona footballer Gerard Pique.

The reforms had proved controversial as the ITF faced some opposition to the changes to the 118-year-old event.

One of the main changes saw several countries automatically qualify for the finals, leading to a reduction to ties in front of a home crowd.

As part of the agreement with the ITF, Kosmos Tennis manages the tournament’s commercial rights.

"Adding AirAsia among our main partners reinforces the international reach of the Davis Cup Finals," said Javier Alonso, Kosmos Tennis chief executive.

"This partnership allows us to connect even more with the Asian public, achieving a truly global presence for the competition.

"This goal is that tennis reaches everyone and that the Davis Cup Finals are able to be promoted in all continents."

Hosts Spain are one of 18 teams vying for the Davis Cup title at the event, scheduled to take place from November 18 to 24.

Argentina, Australia, Belgium, Canada, Chile, Colombia, Croatia and France will compete, along with Germany, Britain, Italy, Japan, Kazakhstan, the Netherlands, Russia, Serbia and the United States.

Teams will compete in a group phase for the opening four days of the event, six teams split into three groups.

The winner of each group and the best two runners-up will qualify for the quarter-finals.

The competition will then play down to the final on November 24.