Nike might reunite with Lance  Armstrong after all ... despite terminating its contract with the  disgraced cyclist last year -- so says the Nike CEO Phil  Knight.

Phil was out in DC yesterday when we asked if  Lance and Nike might patch things up after the cyclist admitted to using PEDs --  and Phil responded, "Never say never."

You'll recall, Nike dropped Lance  back in October, saying, "Due to the seemingly insurmountable evidence that  Lance Armstrong participated in doping and misled Nike for more than a decade,  it is with great sadness that we have terminated our contract with him."
 
 
 
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