Nike's relationship with Kyrie Irving is likely over after the company suspended its partnership and canceled plans to release the Kyrie 8 last week.

"I would doubt that we go back. But I don't know for sure," Phil Knight said on CNBC.

Irving originally signed with Nike in 2011. With a signature sneaker line released in 2014, the endorsement deal is believed to be worth $11 million per year.

"Kyrie stepped over the line. It's kind of that simple. He made some statements that we just can't abide by and that's why we ended the relationship," Knight added.