Liverpool have officially announced the club's “multi-year deal” with worth around $39.5 million per year.

Nike will become The Reds official kit supplier from the 2020-21 season.

Liverpool broke ties with New Balance last October after winning a court battle which gave the club the right to choose Nike as its next kit supplier.

The lure of an iconic sports brand combined with the promise of using some of the world's biggest athletes and entertainers for marketing — including Lebron James, Serena Williams, and Canadian rapper Drake — helped establish the big money partnership.

“Our iconic kit is a key part of our history and identity,” Liverpool's managing director and chief commercial officer Billy Hogan said in the official announcement.

“We welcome Nike into the LFC family as our new official kit supplier and expect them to be an incredible partner for the club, both at home and globally as we continue to expand our fanbase.

“As a brand, Nike reflects our ambitions for growth, and we look forward to working with them to bring fans new and exciting products.”

With Jurgen Klopp renewing his contract and the likes of Kylian Mbappe and Jadon Sancho linked to Anfield, the club is destined to be one of the biggest in the world.