More than 20 other sporting greats - all of whom endorse the adidas brand name - make an appearance in the series of television, print and internet ads, including Ali's daughter Laila, herself a world champion boxer, football icons David Beckham and Zinedine Zidane, Thai tennis star Paradorn Srichaphan, long-distance runner Haile Gebrselassie and NBA all-star Tracy McGrady.
The campaign, developed by 180\TBWA, has already rolled out in North America. Asia-Pacific and Europe are set to follow suit at the beginning of next month.
Ali, suffering from Parkinson's disease, is featured in 'The long run' on one of his famous morning training jogs in Zaire in 1974 at the height of his career.
Through special effects he is joined by a new generation of top athletes such as his daughter, Beckham and McGrady.
Supporting executions address an aspect of impossibility, highlighting how every athlete has a unique barrier to overcome.
In Laila's case, it's a social barrier of people saying that women shouldn't take up the sport of boxing.
In another execution, champion skateboarder and BMX rider Stacy Kohut continues to participate in competitions even though he is confined to a wheelchair.
Juergen Strafe, newly-appointed adidas Asia-Pacific vice-president of sales and marketing, said: "This campaign encompasses our desire to push ourselves to achieve goals which might seem impossible.It's the same in sports, as athletes are constantly trying to push the envelope to break records."
He said the reason why decades-old images of Ali were juxtaposed with the hot stars of today was because "we want to showcase the assets we have. We want to capture the imagination of young people - predominantly between the ages of 12 and 22 - by saying that adidas has a long history and that it is relevant to them now and, by extension, in the future".
He added: "The idea is to strengthen the relationship with current consumers and create a relationship when there was none before."
The ads will largely run as is, with adaptation for different markets and sub-regions limited to local-language dubbing and sub-titling, according to Ada Chiu, TBWA client services director. "Ali has wide appeal and ranks as the most famous sporting figure in modern times. For support, an NBA star could be used in Japan, Korea and China; Beckham and Zidane in Southeast Asia," she said.
Chiu added that the campaign is an extension of last year's 'Forever sports' platform. "We're projecting forward and adding greater depth," she said.