The hot, record-setting Olympic swimmer who won eight gold medals at the Beijing Games, was signed by Kellogg, who beat General Mills to the punch.
Phelps, who holds a total of 14 Olympic gold medals and two bronze, plus seven world records, will appear exclusively on Frosted Flakes and Corn Flakes, Kellogg announced in Chicago Friday.
General Mills signed gymnast Nastia Liukin and decathlete Brian Clay instead for the Wheaties gig.
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