Football great Pele announced Sunday that one of his former teams, the New York Cosmos, would be reborn after a 34-year absence.

The Brazilian legend will be honorary president of the franchise that he spent three seasons playing for from 1975 to 1977 when the Cosmos were part of the now defunct North American Soccer League (NASL).

The Cosmos won five NASL championships during its 14-year existence from 1971 to 1985 and several famous players took the field for the club including Franz Beckenbauer and Giorgio Chinaglia.

The new Cosmos will play in various tournaments and exhibitions but hope to join Major League Soccer (MLS) when the next franchise opportunity arises.

The MLS currently comprises 16 teams but an expansion project is underway. The league is set to grow to 18 clubs in 2011 when new franchises Vancouver and Portland join, and then Montreal Impact will make it 19 when they come on board in 2012.