The agreement means Nike will serve as the official apparel and footwear provider for the American gymnastics team for Paris 2024 and Los Angeles 2028.

It is a major boost for the national governing body which is continuing to undergo a transformation under the leadership of its President and chief executive Li Li Leung.

Nike is set to manufacture and produce all sportswear and footwear for USA Gymnastics’ national teams over the next five years.

The partnership is expected to expand in 2025 to incorporate national team leotards and competition apparel at international events and training camps.

Leung described the agreement as the "largest" in USA Gymnastics’ history and hailed Nike’s support as "critical" to the organisation.

"It allows us to deepen our holistic support for athletes and the gymnastics community as a whole," said Leung.

"From grass roots to the international stage, this partnership with Nike elevates the sport in new ways as we advance our core mission of building a community and culture of health, safety and excellence, where athletes can thrive in sport and in life."

Leung was appointed as President and chief executive of USA Gymnastics in February 2019 - a year after the organisation filed for bankruptcy following numerous lawsuits being lodged in the wake of the Larry Nassar sexual abuse scandal.

Nassar abused hundreds of athletes while working as a USA Gymnastics team doctor.

He is serving several life sentences having been convicted of numerous sex crimes.

Four-time Olympic medallist Simone Biles, who was among the gymnasts to suffer sexual abuse at the hands of Nassar, has recently returned to action after a two-year hiatus and could represent the US at Paris 2024.

USA Gymnastics said a focus on the deal with Nike would be placed on "building a culture of belonging in the sport, inspiring play and movement" as well as looking to "better serve all athletes" and advocate coaches and community partners that are "creating positive change".

"The USA Gymnastics partnership represents Nike’s commitment to expand sport for the next generation," said Karie Conner, vice-president and general manager for North America Kids at Nike.

"Together we’re providing opportunities for all kids to experience the joy of movement - and the confidence it builds - from their first forward roll to first back handspring and beyond.

"We’re outfitting USA Gymnastics national teams and championing fun at every level of gymnastics to spark a love of movement, especially for girls, because movement is fundamental to all sports."

Jordan Chiles, who was part of the US women’s team that claimed all-around silver at Tokyo 2020, has welcomed the agreement with Nike.

"I began gymnastics when I was six years old and I’ve been a fan of Nike for almost as long," said Chiles.

"I can’t wait to see what we can achieve together - competing on the world’s largest stages and for the next generation of gymnasts out there.

"These two organisations celebrate and empower girls and women in sport."