Tiger Woods has signed his third multi-year agreement with Nike, according to an ESPN report.

Terms of the contract were not released, but they have been quite lucrative in the past. Woods' original contract in 1996 was worth a reported $40 million over five years. In 2001, he signed another five-year deal for a reported $100 million.

"We're obviously delighted to be renewing our relationship with Tiger," Nike Golf president Bob Wood told ESPN. "Nike is lucky to have the kind of partnership with Tiger that goes beyond a simple endorsement. He has really helped Nike Golf grow over the years through his involvement in product development, whether it is clubs, balls, apparel or footwear. In the future, we see Tiger playing a key role in continuing the strong momentum Nike Golf now has both inside and outside the USA."

Woods, who won eight tournaments this season, is expected to be named PGA Tour Player of the Year on Tuesday.

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