It is understood that three agencies are battling it out for the retainer.
Cake and Exposure are both on the shortlist along with one other consultancy.
Nike has four key business categories – football; running; women’s training; and Nike Sportswear (lifestyle).
The winning agency will promote Nike’s women’s training and lifestyle product lines, replacing Radiator PR.
The brief for two of these product lines is thought to be worth a significant six-figure sum.
Freud Communications will continue to work on Nike’s football and running businesses.
Nike is believed to have seen six agencies initially and will now finalise the process in the next two weeks.
Nike UK head of corporate communications Charlie Brooks confirmed the company was close to appointing new PR support, but stressed there were no opportunities for other agencies to get involved.
He added: ‘Radiator has done a great job for us over the years; however we both now believe its time to look at some fresh ideas. It was very much a mutual parting of ways.’
Radiator will continue to work on the sportswear giant’s Nike 6.0 action sports account.