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Report: Woods signs new contract with Nike

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Not that it's much of a surprise, but it appears that Tiger Woods and Nike will remain endorsement partners for the forseeable future.

According to an ESPN.com report, Woods has signed a new contract with the equipment and apparel manufacturer, which will supplant the current agreement that was set to expire at year's end.

'We're comfortable with where we ended up and the career trajectory that Tiger will be on with Nike,' said Woods' agent, Mark Steinberg, according to the report, adding that financial terms and duration of the new deal would not be disclosed.

Woods signed with Nike upon turning pro in 1996, agreeing to a five-year contract worth $40 million. They have served as arguably his most prominent sponsor across the span of his career, and the current contract between the two parties has been in place since 2006.

'We are thrilled to continue our partnership with Tiger,' said Nike Golf president Cindy Davis in a statement. 'He is one of Nike's most iconic athletes and has played an integral part in Nike Golf's growth since the very beginning.'

The renewal serves as the latest positive development in what has already been a successful season for the 37-year-old Woods, who has won four times this year on the PGA Tour and regained the top spot in the Official World Golf Rankings in March.