The partnership comes as Coca-Cola, like many other multinationals, seeks to promote itself as a good corporate citizen, involved with the communities in which it operates. It will see former boxer and living legend Ali working on community and youth development programmes and marketing initiatives for Coca-Cola on a worldwide basis.
Doug Daft, chairman and CEO of Coca-Cola, said it was an "innovative marketing agreement that connects us with consumers all around the world and will benefit the communities of which we are a part".
Ali undertakes charity work on behalf of his own charities, the Muhammad Ali Parkinson's Research Centre and the Muhammad Ali Centre, which was formed to promote respect and understanding.
Ali said of the agreement: "In my life I have had the great fortune to travel the world, and I have seen how Coca-Cola cares about and supports the communities where it does business."
"Muhammad Ali's life is a testament to the power of the human spirit to overcome adversity. He is an inspiration to all of us at Coca-Cola and we are determined to support his efforts to reach out to young people," Daft said.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum here.