Woods' agent Mark Steinberg said the contract was signed around two weeks ago but would not disclose any terms.
"We're comfortable with where we ended up and the career trajectory that Tiger will be on with Nike," Steinberg told ESPN.com at Muirfield ahead of the Open Championship. "I'm thrilled we were able to complete this deal."
Woods has been with Nike since turning pro in 1996. World number two Rory McIlroy signed a multi-million pound deal with the company in January but has yet to win a tournament with his new equipment.
"We are thrilled to continue our partnership with Tiger," Cindy Davis, president of Nike Golf said.
"He is one of Nike's most iconic athletes and has played an integral part in Nike Golf's growth since the very beginning.
"We look forward to sharing many more of the exciting awe-inspiring sport moments that Tiger is known to create in golf.
"At the same time, we will continue to utilise his insights to develop the most innovative products that support golfers reaching their full potential."