The Northern Irish sensation, who is just 23, will pen the five-year sponsorship deal with the US firm tomorrow.
The package tops the estimated 100 million pounds David Beckham is paid by arch rivals Adidas, and sees Rory leading the 2013 UK sports sponsorship pile, the Sun reports.
According to the report, in return Nike hope he will help them seize control of the lucrative American golf market by shifting three billion pounds worth of clubs, balls and clothing.
Fresh-faced world number one McIlroy, who is dating Danish tennis ace Caroline Wozniacki, has a huge American fan club after winning two of golf's majors, the US Open and the US PGA, in the past two years, the report said.
According to the report, McIlroy's contract will be sealed in a glitzy ceremony in Abu Dhabi. (ANI )