World's No.1 golfer Tiger Woods is reportedly close to signing a new endorsement deal with Nike, keeping him as the highest-paid golfer in the company's roster of elite athletes.
According to agent Mark Steinberg, Woods is closing in on a landmark deal that would pay him around $20 to $40 million per year.
Woods' current contract with Nike is expected to expire this year, prompting the gear and apparel giant to put an enticing offer on the table and eventually lock in the most-celebrated golfer for the remainder of his career.
Nike previously signed former world's no.1 Rory McIlroy to a 10-year, $100 million endorsement deal after a sensational season for the two-time Grand Slam winner.
Although there are several offers from rival companies to snatch Woods and his marketing charisma from Nike, Steinberg stressed that his client never had a chance to test the market, believing that Nike is forever associated with Woods.
"This process went as such where I never had to get out in the market to test the waters in a formal way. That's a good thing, because I think some of the most memorable moments throughout Tiger's career to date are linked with Nike," Steinberg told CBS Sports.
After several years of struggles to get back to his winning form following his much-publicized scandal and break-up with his former wife Elin Nordegen in 2010, Woods finally regained his top form and even found a new love in skiing world champion Lindsay Vonn.
With Woods started winning big tourneys again, he has become a marketable figure once again in the sporting world.
"We're down to the very, very short strokes right now ... I would expect we would come out with some sort of joint announcement when we get the paperwork signed. I hope this is viewed as a pretty bold statement," said Steinberg of the looming contract signing with Nike.