Wheaties marketing manager Jim Wilson said that Michael Phelps and Misty May-Treanor have inspired others to get out and achieve their own personal best.
"Wheaties is proud to honor them and to fuel athletes everywhere," Wilson added.
Wheaties is known for featuring prominent athletes on the exterior of the package, and has become a major cultural icon. Primarily comprising a wheat and bran mixture baked into flakes, it was introduced in 1924.
General Mills, headquartered in Minnesota, US, owns consumer brands such as Cheerios, Häagen-Dazs, Nature Valley, Yoplait, Betty Crocker, Pillsbury, Green Giant, Progresso and Old El Paso.