Nike CEO Phil Knight -- We're NOT Calling It Quits on Lance Armstrong

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."