It’s home to fun, sun and Hollywood (search) glamour -- and now the city of Los Angeles (search) may be lending its name and image to the highest bidder.

Leaders of the cash-strapped city are considering selling the naming rights for Los Angeles to a variety of products. Coke (search) or Pepsi could be the city’s official soft drink, for instance, and Lexus (search) or BMW the official automobile.

Lawmakers say the choice for a budget-crunched city like Los Angeles comes down to raising taxes or finding other ways of raising necessary funds. New York and San Diego are already in the sponsorship game and are making millions.

But critics of the idea wonder whether the “City of Angels” is making a deal with the devil. They worry that Los Angeles might not pick the right kind of product to put its name on and envision sponsorship deals with tobacco and liquor companies.

City officials say vice products like cigarettes and alcohol are probably off the table, and instead will focus on goods that are hip and promote healthy living.

Click here to watch a report by Fox News’ Anita Vogel.