Phelps Collects Gold and Earns Big Money for Sponsors

American swimmer Michael Phelps receives an estimated $5 million annually in endorsement deals, more than 10 times what most of the high-profile athletes in his sport make and he will likely earn a big raise after the Olympics.

According to Joyce Julius & Associates, Phelps’ air time on US network NBC has been worth $3.6 million for Speedo alone.

Stu Isaac, senior vice president for marketing and sales for Speedo, said: "Truly, we've been able to leverage his popularity with all of our accounts because he has transcended swimming. It's helping Speedo become cooler and addressing a younger market outside just that core competitive swimmer."

Speedo offered a $1 million bounty if Phelps, only 19 at the time, could equal Mark Spitz's record of seven gold medals. Phelps just missed, but the offer still stands for Beijing, where Phelps is on course to win at least seven golds, if not eight.

Phelps other sponsors include Visa, AT&T, Kellogg's, Hilton and Omega watches.