IOC regulations state that athletes cannot feature in brand activity during the Games, but has made an exception for Nike, despite the fact that its rival Adidas is the Games' official sponsor.
Tim Crow, chief executive of sponsorship agency Synergy, said: 'This sets a dangerous precedent. Brands in other categories will say, "If Nike can get a waiver, why can't we?"'
According to a Nike spokesman, the rules surrounding the London 2012 Olympics will be more strict.
The first of the ads allowed by the IOC was a viral featuring British heptathlete Kelly Sotherton, who stated she would 'win gold in Beijing'. She later finished fifth.
While Nike has enjoyed widespread praise for its creative ads surrounding the Olympics, its endorsed athletes have had little luck. The brand pinned its hopes on Chinese hurdler Liu Xiang, but the reigning Olympic champion was injured during the warm-up and pulled out. Paula Radcliffe, another Nike athlete, finished 23rd in the marathon.