Michael Vick, Nike Reach New Deal: Eagles Star Back With Nike

CNBC's Darren Rovell reported on Friday that Nike and Philadelphia Eagles quarterback Michael Vick have agreed to a new deal, four years after Nike terminated its contract with Vick due to his arrest on dogfighting charges.

"Michael acknowledges his past mistakes,” Nike spokesman Derek Kent told Rovell. "We do not condone those actions, but we support the positive changes he has made to better himself off the field."

Joel Segal, Vick's agent, told CNBC that the star quarterback is "excited to have a long-term and strong relationship with Nike."

Vick served 18 months in prison and two months of home confinement after pleading guilty to running a dogfighting operation in 2007.

The 31-year-old, who was once the highest-paid player in the NFL, signed with the Philadelphia Eagles in 2009.

Mike Florio of ProFootballTalk pointed out that after Vick signed with the Eagles, he and Nike resumed their relationship, But later, Nike came out and said that there was no "contractual relationship" between the two.

He signed his first endorsement deal since his release from prison in January when he inked a two-year contract with Unequal Technologies.

Vick was named the starting quarterback for the Eagles over Kevin Kolb early in the 2010 season. He went on to dominate in 2010, throwing for 3,018 yards and 21 touchdowns.

The organization placed the franchise tag on Vick in February.

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