Nike appears poised to return to the Super Bowl this Sunday. J.P. Morgan analyst Matthew Boss referenced a planned Big Game ad in a research note on Thursday afternoon.

Nike did not immediately return calls requesting comment. It last appeared in the Super Bowl in 1998.

In the note, Boss referenced a recent meet and greet at the New York Stock Exchange with new CEO Elliott Hill. He wrote, “management cited excitement behind the return of Chief Marketing Officer Nicole Hubbard Graham (effective as of Jan ’24), with the brand beginning to show up at large consumer moments (i.e. the recent “Unbannable” Jordan campaign at the Grammy’s & a planned Ad during the Super Bowl).”

Indeed, Sunday’s ad would follow Nike’s recent “You Can’t Ban Greatness” spot, which aired before the Grammy Awards last week and advertised its Jordan brand.

Prior to its 27-year hiatus, Nike was a regular Super Bowl advertiser, consistently delivering ads with longtime creative partner Wieden+Kennedy. In 1997, it ran “Super Bowl Party,” a celebrity-laden spot with the likes of Tyra Banks, Spike Lee, Stevie Wonder and Chris Rock as a puppet.

Nike’s “Hare” commercial, which aired in 1992’s Super Bowl and featured Michael Jordan and Bugs Bunny, is lauded as one of the most memorable of all time.

The new advertising appearance comes as the Beaverton, Oregon-based brand works to reverse recent sales struggles amid increased competition. Hill, who formerly worked at Nike for decades until his retirement in 2018 as president of consumer and marketplace, returned to lead the brand in October.

Nike’s second-quarter revenue declined 8% to $12.4 billion. In a statement at the time, Hill stressed “our clear priority is to return sport to the center of everything we do.” He added that Nike is “taking immediate action to reposition our business, so we can get back to driving long-term shareholder value.”

The 2025 Super Bowl will be broadcast on Fox, which charged between $7 and $8 million for 30 seconds of airtime.