The partnership will see the Northern Irish golfer continue to wear Nike’s footwear, apparel, headwear and gloves for the next 10 years.
The deal does not include equipment however due to Nike’s decision to exit the golf equipment business last year.
As part of the agreement Nike will have exclusivity over McIlroy’s apparel with the world number two prohibited from having additional sponsors on his Nike cap or clothing.
“I’ve loved this company since I was a kid,” McIlroy said in a statement announcing the extension. “I’m really happy to continue this journey with Nike.”
McIlroy first signed with Nike at the start of 2013 for a clothing and equipment deal that was rumoured to be worth $200m over 10 years.
The announcement comes as McIlroy prepares to capture the US Masters title this week at the Augusta National Golf Club.