RANGERS and Celtic are set to benefit from a jaw-dropping £1.2billion UEFA TV deal.

Competition chiefs have reportedly agreed a lucrative agreement for US media rights allowing CBS, Viacom and Paramount to broadcast Champions League, Europa League and Europa Conference League matches live.

The Athletic reports a six-year deal has been agreed with fees totaling $1.5billion (£1.2bn) which are broken down into $250million (£211m) per season.

The new agreement is a huge increase in UEFA TV money with Paramount and Univision previously paying $100m (£84m) a season.

It's reported the financial boost has come as a result of TEAM Marketing and Relevent Sports Group's work as sales partners for UEFA and the European Club Association.

The new broadcasting contract is set to come into force in the 2024/25 season and will cover the Champions League, Europa League and Europa Conference League.

Both Rangers and Celtic could benefit from the new TV deal with increased cash likely to be distributed to competing clubs as a result.

Celtic are already in this season's Champions League group stage and Rangers could join them if they overcome PSV Eindhoven in their play-off second leg after a 2-2 draw at Ibrox.

Already, competing in European group stage matches provides a major cash injection into the club finances but the jaw-dropping US deal could increase the financial gain going forward.