CNBC was the first to report the renewed partnership. Financial terms of the Nike deal have not been disclosed.
"Michael acknowledges his past mistakes," Nike spokesman Derek Kent said. "We do not condone those actions, but we support the positive changes he has made to better himself off the field."
"Michael is committed to working with Nike and wants to utilize his platform as a professional athlete to have a positive impact on our youth," said Andrew Stroth, the Chicago-based attorney who negotiated the deal for Vick.
Said Joel Segal, Vick's agent: "Michael is excited to have a long-term and strong relationship with Nike."
Vick originally signed with Nike prior to his rookie season with the Atlanta Falcons in 2001 but was abruptly dropped in 2007 when his involvement in a dogfighting ring came to light. At the time, the company released a statement saying cruelty to animals was "inhumane, abhorrent and unacceptable."
Nike and Vick initially renewed their relationship in 2009, when the company announced it had "agreed to supply product" to the quarterback, who was not under contract to the company. Nike has similar agreements with several athletes with whom they don't have endorsement deals.
The second marriage between Vick and Nike is believed to be unprecedented. Never before has a brand dropped an athlete, then come back to re-sign him, according to the CNBC report.
Despite missing three games with an injury, Vick re-established himself as one of the most exciting players in the NFL. He set career highs with 3,018 yards passing, 21 touchdown passes, nine touchdowns rushing, a 62.6 completion percentage and a 100.2 passer rating.
He also re-emerged as one of football's most popular players. His No. 7 Eagles jersey was the sixth-best selling jersey last year.
The Associated Press contributed to this report.