The new deal is reportedly for a 10-year term worth around $100m. The world number two first signed a multi-million-dollar deal in 2013, which included golf equipment and apparel.
However, Nike has sinced changed its strategy in the golf market and in August, Nike followed adidas and announced it would scale back its investment in golf. As such, the brand will no longer sell equipment such as ball, clubs and bags and will instead develop golf footwear and apparel.
"I'm really happy to continue this journey with Nike," said McIlroy, 27. "I've loved this company since I was a kid."
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