Sportswear giant Nike extends a contract with New York Knicks point guard Jeremy Lin. [CFP]

New York Knicks point guard Jeremy Lin has become the apple of the eyes of a slew of sportswear companies after he rose to international fame almost overnight, but the sportswear giant Nike managed to steal a match on its rivals by extending a contract with Lin, Beijing Business Today reported.

The terms of the renewed contract haven't yet been made public, but the Internet has already been flooded with a myriad of news about Nike's new sports shoes with signature of Lin.

Lin signed with Nike as early as in August 2010 while he played for the Golden State Warriors. Analysts said the new ad campaign rolled out by Nike for Lin may stir another wave of the sensation known as "Linsanity."

Chinese companies, including Li Ning Co. Ltd., Peak Sports Products Co. and Qiaodan Sports Co. Ltd. had been lining up for the basketball Cinderella to become one of the ambassadors of their companies. Few still underestimate the marketability of Lin who many consider will take up Chinese basketball superstar Yao Ming's mantle after his retirement last year.

According to estimates by Forbes magazine, the market value of Jeremy Lin has surged to US$14 million.

Aside from proving his on-court brilliance, Lin also already established his presence in the business world as his rise was attributed as a main reason for the settled dispute between New York sports network MSG and its local Cable TV provider, Times Warner.

Contact the writer of this story at: hes@china.org.cn.