Ryan Lochte Lands New Endorsement Deal Amid 'Dancing With The Stars' 2016 Casting Rumors

Ryan Lochte might still be under investigation for his 2016 Rio Olympics robbery scandal, but it looks like the athlete's days as a celebrity endorser are far from over.

The 12-time Olympic medalist has landed a new endorsement deal with Pine Bros. Softish Throat Drops, E! News has learned. The company's CEO, Rider McDowell, reportedly offered the deal to the 32-year-old swimmer following his scandal and released a statement asking the public to be "a little more understanding—even forgiving—of the young American swimmer."

"We all make mistakes, but they're rarely given front-page scrutiny. He's a great guy who has done in credible work with charities. I'm confident that Pine Bros. fans will support our decision to give Ryan a second chance," McDowell stated.

Lochte took to Instagram on Thursday to thank Pine Bros. after finalizing the deal. "Thanks to all the folks at pine bros. for your confidence in me. I look forward to making you proud," he wrote.

This new endorsement deal comes after Lochte was ditched by four of his sponsors, including Speedo, Polo Ralph Lauren, Gentle Hair Removal and mattress maker Airweave, following his robbery scandal, CNN reported. The swimmer came under fire last week after Rio de Janeiro officials revealed that he exaggerated a report than he and three of his teammates were robbed at gunpoint by police.

On Monday, Speedo released a statement after dropping Lochte, saying, "While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for. We appreciate his many achievements and hope he moves forward and learns from this experience."

The athlete has been indicted by Brazil police with false report of robbery, E! News reported Thursday. In a statement, officials announced that he will be notified of the indictment so he can decide whether or not to seek defense council in Rio de Janeiro.

Despite his ongoing case, Lochte is reportedly joining the celebrity lineup for "Dancing With the Stars" Season 3, a source told USA Today Sports. Find out whether the athlete makes it to the show when the complete "Dancing With the Stars" Season 23 cast is announced on "Good Morning America" on Tuesday, Aug. 30.