Mobile phone giant Carphone Warehouse is in the frame to sponsor Preston's first city academy.
If the deal goes ahead it will be the first time a phone company has ever been involved in any of the the UK's controversial academies.
The company is speaking to education bosses about how it can get involved with the project.
But one union critic said the development was "very worrying".
Three new academies are to be created in Lancashire as part of the biggest shake-up in local education for 30 years.
Lancashire's Education Authority wants to set up two 11-18 academies by September 2008, one of them from the merger of Fulwood and Tulketh High Schools - the academy Carphone Warehouse wants to get involved with.
Bosses at the firm are staying tight-lipped about the talks, but the Lancashire Evening Post revealed last month a local business was set to pump £1.5m into the scheme.
>> Politicians quizzed on city academiesA spokesman on behalf of Carphone Warehouse, which has a huge call centre at Tulketh Mill, Ashton, said: "They are involved in this.
"What they have said is they are looking into opportunities related to the scheme but we don't have any further details.
"This is in the very early stages and they are looking at how they can get involved."
Asked whether that involvement meant they are looking at sponsorship of the academy, he added: "Yes, absolutely."
This development has provoked serious concern.
Ken Cridland, Lancashire secretary of the National Union of Teachers, said he was concerned about whether the company would recognise the unions.
He added: "I'm sure they are very good at making mobile phones but what are they doing in education?
"Sponsorship means they can actually appoint the majority of the governing body and take control of the buildings.
"In many ways they are probably better sticking to mobile phones and we are better sticking to education."
At a meeting of Preston Council on Thursday, leader Coun Ken Hudson confirmed he had met with County Coun Alan Whittaker, the cabinet member for schools, last month to discuss the academies and had been told about Carphone Warehouse's involvement.
He said: "I am not in position to divulge the identity because that is below the line."
The Conservative leader was challenged by Coun Michael Lavalette, who has formed a Preston branch of the Anti-Academies Alliance, to reveal the identity of the scheme's benefactor insisting it was "in the public interest."
He said: "As a parent with children at school in Preston, I want to know the answers to this question and I feel it is an issue in the public interest - and it is about time Lancashire County Council and the cabinet of Preston Council started being honest with us."
However, when the Evening Post spoke to County Coun Whittaker before Thursday's meeting, he insisted that any suggestion Carphone Warehouse had been identified as a potential sponsor was "pure speculation."
He said: "No sponsor has been identified for the Fulwood and Tulketh academy, we are waiting for the Department for Education and Skills (DfES) to identify a range of sponsors.
"It is not just our decision, it is the decision of the sponsor and the DfES, they will dictate if and when they want to become a sponsor."
The education chief added that the programme would be complete by September 2008.
A second academy, at City of Preston High School in Ribbleton, is also on the cards.
A new academy, which will be made up of three existing schools, will also be created in Lancaster.
The full article contains 603 words and appears in n/a newspaper.