Phoenix Suns star Kevin Durant signed a lifetime deal with Nike, the two sides announced Friday.

"When I first signed with Nike, I couldn't have dreamed of how far we'd go in this partnership," Durant said in a statement, per Boardroom's Ian Stonebrook. "We've done amazing work creatively and philanthropically.

"We've traveled the world together and built a business that will now last forever. I'm excited for the future and honored to be in rare company with this deal."

The sides didn't disclose the pact's financial value. However, Durant has been with the sports apparel giant since signing a seven-year, $60-million contract as a rookie in 2007. He followed that up with a reported 10-year, $300-million deal that would have kept the parties together through 2024.

Nike has produced 16 signature sneakers under the 2014 MVP's shoe line, with the latest expected to be released later this year.

The ongoing collaboration will also see Nike continue to contribute to charitable endeavors through the star's Durant Family Foundation.

"As one of best basketball players in the world, Kevin Durant has been an important part of the Nike family for the past 16 years," said John Slusher, Nike's executive vice president of global sports marketing. "We look forward to continuing to serve the next generation of athletes together."

Prior to Durant's latest deal, only LeBron James and Michael Jordan had inked lifetime contracts with Nike.

The 34-year-old earned $46.4 million in salary this NBA campaign, stemming from the four-year, $198-million extension he signed with the Brooklyn Nets in August 2021. Durant's expected to earn $49.9 million next season and $53.3 million in 2025-26 before becoming a free agent in the summer of 2026.