Phelps – who has won the most medals (28) and gold medals (23) in Olympic history – will call selected swimming events with Dan Hicks and Rowdy Gaines and contribute features as a correspondent during primetime coverage, reports AP news agency.
Phelps, who swam in five Games from 2000-16, did some work for NBC during its coverage of last month’s US swimming trials.
“I know he’s going to offer some incredible insight on especially those races that he has won so many gold medals in,” Gaines said during a teleconference.
A three-part retrospective on Phelps’ career is streaming on NBC’s Peacock platform.
“From the moment he joined our team at Trials, Michael’s ability to provide insightful analysis, thoughtful commentary and tell entertaining stories was apparent,” said Molly Solomon, Executive Producer & President, NBC Olympics Production.
“We’re thrilled to have him join us in Tokyo and our audience will benefit from hearing the perspective of the most decorated Olympian of all time,” Solomon added.
The 36-year-old won his first gold medal in 2004 at the Athens Olympic Games.
Four years later at Beijing, he won a record eight gold medals to carve a niche for himself in the annals of the sport.
Phelps had spent the opening week of the Beijing Olympics pursuing Mark Spitz’s 1972 record of seven golds and had six as he entered the pool again for the 100M butterfly final.
Seventh at the turn, the United States superstar needed a remarkable recovery to triumph over a devastated Milorad Cavic by 0.01sec.
Phelps would pass Spitz with his eighth gold of the Games the following day, by which point he attained cult status.
In 2008, he established the Michael Phelps Foundation to promote healthy, active lives, especially for children, primarily by expanding the opportunities for participation in the sport of swimming.
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