The deal with the store, based in Scunthorpe town centre, will run for six years.
Current sponsors H & L Garages have an option to extend their deal to next season, but Dee Jays owner Des Comerford is hoping that the deal will come into effect from next season
He said: "We are trying to negotiate to see if we can start next year, to save fans forking out for two shirts.
Quarter of million in new sponsorship
"We're a local business, I love the club like everyone else does. We feel it is nice to put something back into the club.
"The actual branding has still to be finalised, but there is a six year deal personally guaranteed by me.
"I have signed my documents, the club have signed theirs and we're very happy with it.
"There are ever so many benefits we can bring to the club as well as the quarter of a million pounds."
Comerford is a former director at the club, and previously fronted a takeover bid.