EXCLUSIVE

Multiple sources tell TMZ Sports ... Nike is preparing to cut ties with boxing superstar Manny Pacquiao after his latest round of anti-gay comments.

The two sides have had a relationship since at least 2006 -- but we're told Nike is particularly disturbed after Pacquiao said gay people are "worse than animals" ... and intend to drop the boxer for good.

We're told the move is not official yet -- but there have been multiple discussions and we're told it appears to be heading in that direction.

We reached out to Manny's rep -- so far, no comment.