The Phelps-endorsed games will hit unspecified "next generation" consoles and the iPhone, with the first game scheduled to hit in spring 2010. Development of that first effort will be handled by 505's recently opened Los Angeles branch.

Billed as a "first-of-its-kind video game," it may include appearances from some of Phelp's teammates. 505 did not name specific teammates in today's announcement. A portion of the game's proceeds will be donated to the Michael Phelps Foundation.

"I believe this will be a tremendous opportunity to help continue my quest to raise the profile for the sport of swimming," said the 14-time Olympic gold medalist.