Nike and the NBA have agreed upon an eight-year deal for the brand to become the league's official apparel provider.

The two sides were reportedly close to a deal in April.

Adidas will continue as the apparel provider until the 16-17 season.

The Nike swoosh will appear on the uniforms, which will be a first for the NBA.

“Nike will be instrumental in our collective efforts to grow the game globally while applying the latest in technology to the design of our uniforms and on-court products,” NBA Commissioner Adam Silver said in the statement.

ESPN's Darren Rovell reports the deal is worth approximately $1 billion, which represents a 245 percent increase over the Adidas deal and $125 million annually.

For comparison sake, Adidas signed a 10-year deal with Manchester United last year worth $1.28 billion over ten years.