2:03 PM PT -- As part of the new deal Colin negotiated with Nike, the Swoosh will be putting out a new signature shoe and apparel ... and making substantial contributions and donations to Colin's Know Your Rights foundation.
It's true, Colin had a preexisting deal with Nike but we're told his team renegotiated -- it's essentially a new deal.
Colin Kaepernick has signed a new deal with Nike to become the face of the "Just Do It" 30th anniversary campaign -- a deal that was put together in the past couple of weeks and will pay the QB fresh cash ... TMZ Sports has learned.
Colin posted the new ad that reads, "Believe in something. Even if it means sacrificing everything. Just do it." Our sources tell us Colin's legal team -- Mark Geragos and Ben Meiselas -- put the deal together recently. Kaepernick has been in business with Nike before but we're told Nike cut him a brand new check for this particular campaign.
What's interesting is that Nike also has deals with several NFL teams. And with Colin's collusion case getting the green light to move forward it puts the sport's apparel giant in a precarious position. Clearly, Colin has a strong fan base -- that includes celebrities like Jay-Z, Serena Williams and Meek Mill -- and Nike feels it's worth to align its interest with someone many people feel is a warrior for social justice.
Of course, Nike will have its critics -- we're looking at you, Trump -- who feel Colin is the opposite of a hero. Trump famously called Colin and other kneelers "Sons of bitches" for their national anthem demonstrations. Colin seems pumped about the new deal ... he's already posted the new ad images on his Twitter.