Former England captain David Beckham is set to become a co-owner of a new Major League Soccer (MLS) franchise in Florida, US.

Beckham spent five of his last six seasons playing in the MLS for Los Angeles-based LA Galaxy, before retiring from competitive football earlier this year.

It is believed that his contract with LA Galaxy, signed in 2007, included a clause allowing him to bid for a MLS franchise with a 25 per cent discount.

Beckham is part of a group of investors looking to set up a franchise in Florida. Other group members include Bolivian-born billionaire Marcelo Claure, who was unsuccessful in his attempts to launch an MLS franchise in the state in 2009.

Talks to confirm the location of the franchise are at an advanced stage and an announcement could be made by the end of the year.

The MLS has been keen to reintroduce a franchise in Florida in recent years, following the demise of Miami Fusion and the Tampa Bay Mutiny. Both teams were axed in 2002 when MLS decreased the number of teams from 12 to 10 as part of cost-cutting measures.

MLS currently consists of 19 teams - 16 in the US and three in Canada - and is in the midst of expanding its reach across North America. In July, MLS commissioner Don Garber announced that the league planned to reach a total of 24 teams by 2020.

It has already confirmed that a new franchise - New York City FC, partly owned by English Premier League club Manchester City - will launch in 2015.