Michael Jordan and Nike are planning the opening of the first Jordan Brand store for some time around the end of the year in downtown Chicago.

"I've been on these guys [at Nike] for some time, [saying] 'We need to do a Jordan Brand store, and we need to do it in Chicago first,'" Jordan told ESPN.

Over the last year, the two have teamed up to launch Flight 23 stores in New York, Las Vegas and suburban Chicago, but the new Chicagoland location will be the first that will exclusively feature only Jordan brand merchandise.

Beyond ideally ringing up more sales by featuring only Jordan Brand wear, the concept behind the store is to tell the Jordan story and become part of the community. A space above the store can be used for Jordan-sponsored athletes or as a promotional space.

"We understand that the brand is so huge now that it's global, but we [still] understand where it originated," said Jordan, who, according to an endorsement court case this week, earned $480 million from Nike between 2000 and 2012. "Red, white and black. Chicago Bulls colors."

Jordan Brand President Larry Miller confirms that Jordan has been angling for such a venue for more than a decade now, but is convinced this is the best time for it.

"We think it will resonate with the city of Chicago," he said. It is believed that the Jordan Brand constitutes roughly 8 percent of Nike's overall annual revenue, or around $2.5 billion for this year.

Jordan's initial deal with Nike was for five years and $2.5 million, and allowed the company an out clause if it deemed things to not be working out.

"I think had anyone had one iota or idea that this would be 30 years past, then you could recreate it," said Jordan. "We haven't been able to recreate it. It's just virtually impossible."

He later added, "Everybody behind us is trying to find a way to duplicate it, [and] it's something you can't. If I could, I'd sell it to you."