GOAT Food and Beverage, an acronym of'the Greatest of All Time', is the first brand creation for the ex-boxer since he sold the rights to his name in April in a £28.6 million (€39.3million) deal.
The company will launch a range of food and drink aimed at 16 to 24 year olds early next year.
In a bid to tackle the ongoing problem of childhood obesity in the US, each product will be less than 150 calories and fortified with vitamins and fibre.
The products carry names like Rumble, Shuffle and Jabs and consist of fruit-filled rolls and finger foods shaped into boxing symbols such as punch bags and gloves.
They will be available in barbeque chicken, buffalo wing, sweetcorn and coleslaw flavour, among others.
Muhammad Ali said in a statement: "It is time to pass on the values, beliefs and principles that made me a champ to the next generation of champions. I believe that better nutrition and respect for the mind and body will give everybody today the opportunity to rise above and be the best they can be."
A bag of Shuffle, marketed as an alternative to crisps, contains 35 fat calories in comparison to the 111 contained in an equal portion of generic crisps and are lower in salt.
Mars' Health and Nutrition Group co-devised the project alongside Peter Arnell, chair of US brand invention company the Arnell Group, and friend of Ali.