The NFL renews its contract with Nike after briefly considering other options.

• Since 2012, Nike has been the exclusive uniform provider for the NFL and will continue to hold this position through 2038.
• After briefly discussing the deal with other competing bidders, the NFL reached an agreement.
• Under new CEO Elliott Hill, Nike is currently undergoing a transformation and has faced criticism for lagging behind in innovation.

The National Football League has renewed its partnership with the company for another 10 years after briefly considering other competitors and holding talks with them.

Since 2012, Nike has been the exclusive provider of uniforms and apparel for all 32 NFL teams, and the deal will continue through 2038.

"Nike's CEO Elliott Hill stated in a news release that the renewal of the partnership with the NFL is a testament to the collaboration's strength and success. He added that the company is committed to co-creating innovative solutions that cater to the evolving needs of NFL athletes and fans, while driving the league's growth and development initiatives."

Nike announced that it will collaborate to increase football's international presence and employ its sports research facility to tackle lower body injuries and enhance footwear safety.

The company announced its commitment to supporting high school and college football and to bringing the sport's most compelling narratives to life.

"Since 2012, Nike has been a valuable partner to the NFL and we are thrilled to have them on board for the future. Aside from providing products, services, and support to our clubs, players, and fans, Nike is a strategic partner that will aid in expanding football globally, promoting youth football, and enhancing player safety."

Nike aims to maintain its global leadership in athletic apparel and footwear by renewing its partnership.

CNBC reported in October that the NFL was considering alternative partners for its uniform contract as it prepared for its agreement with Nike to expire after the 2027 season. The league briefly opened up the process to other bidders and held talks with several companies interested in competing for the agreement, a source previously told CNBC.

The NFL's decision to open up the bidding process was prompted by criticism of Nike's falling behind on innovation, which was exacerbated by a botched uniform launch with Major League Baseball earlier this year. The new outfits were see-through, did not fit right, and looked "amateurish," ESPN reported.

Despite the issue, the NFL and NBA renewed their contract with Nike in October.

Nike is set to report fiscal second quarter earnings next Thursday.

— Additional reporting by CNBC's Jessica Golden