Prescott will be the only Jordan Brand quarterback, the only Cowboys player and the highest-paid NFL player on the signature line's roster, Schefter reports.
Prescott's deal was negotiated by his marketing agent Peter Miller of JABEZ Marketing Group and the Jordan Brand team.
The Cowboys and Prescott agreed to a four-year, $160-million contract, including $126 million guaranteed, in March.
Prescott had been with Adidas since his Pro Bowl rookie season with the Cowboys in 2016. Mississippi State, where Prescott played in college, was an Adidas school when he was there.
Earlier this offseason, Prescott became a spokesman for Anheuser-Busch InBev. He also has had deals with Pepsi, Sleep Number, Dannon Yogurt, Campbell's Soup, 7-Eleven, AT&T and Beats By Dre, among others, since becoming the Cowboys' starter.
Prescott won't be the first notable Cowboys player to be linked to the Jordan Brand. Former Dallas star Dez Bryant was associated with the company when he was with the Cowboys at the end of his career.
The news comes after Prescott pronounced himself back from a dislocated and compound fracture of his right ankle that forced him to miss 11 games in 2020.
"I've buried the injury," Prescott said on Wednesday.
ESPN's Todd Archer contributed to this report.