The move has dealt a blow to Nike's long-term partner Wieden & Kennedy and confirms weeks of speculation that the business would be moving to Crispin Porter.
Wieden & Kennedy will continue to work with Nike on other parts of its business such as football, golf and basketball, though speculation is mounting that Nike will now turn its attention to these accounts as part of an extensive overhaul of its $500m (£250m) creative business.
Dean Stoyer, Nike's US director of media relations, said: "Crispin Porter & Bogusky has a proven track record for delivering creative, breakthrough ideas and we are excited to begin working with them to support these areas of business."
He added that Nike will "continue working with our long-time creative partner Wieden & Kennedy to support the majority of our Nike business".
Separately, R/GA, New York, the digital agency responsible for the Nike ID website and the Nike Plus business, will retain the digital and mobile work on both accounts.
The US-led review was called as part of a wider strategy to increase Nike's revenues to $23bn by 2011.
The agency has worked with Nike for 25 years, famously creating the "Just Do It" tagline during that time.
It is not yet known how the move will affect Nike's relationship with W&K's Amsterdam and London offices, which produced the "Run London" campaigns. At the time of writing, W&K did not return calls.