Companies hoping to see their brand become the new sponsor of London’s cycle hire scheme will be expected to pay Transport for London (TfL) at least £37.5m for the privilege.

Barclays’ five-year tenure as sponsors of the scheme – referred to by Londoners as ‘Boris Bikes’ after the city’s cycling mayor – comes to an end in July 2015 and TfL is seeking £5.5m or more annually over seven years from a potential successor.

The new sponsor will be buying the the right to name the scheme and change the colour and branding on more than 10,000 bikes used for short journeys in the capital. The sponsor's brand would also go on vehicles, docking points, pay terminals and staff uniforms for the scheme, which has so far notched up over 30 million journeys.

Cycling – especially around the capital – is seen as integral to boosting physical activity levels with £100m being spent on new schemes to boost biking participation in outer London boroughs.

"This is a unique opportunity for a commercial partner to put their stamp on a mode of London transport that is now as recognisable as our iconic black cabs and red buses," said London mayor Boris Johnson.

"We are looking for a sponsor whose aspiration matches our own, one with the passion to take the scheme to the next level and get even more people pedalling."