Bloomberg reports that Harvard and Jeremy Lin are in talks with Nike to create a co-licensed merchandised line. (NIke already sponsors Harvard’s football and basketball teams.)

A Lin-related line would be an economic and brand-building boon to Harvard where, according to the school’s 2010-11 Fact Book, almost 18 percent of the 6,657 undergraduates are of Asian descent, said Paul Swangard, managing director of the Warsaw Sports Marketing Center at the University of Oregon.

“Jeremy Lin provides an incredible platform for Harvard in China,” Swangard said in an e-mail. “To millions of Chinese children, the NBA and Harvard are separately ‘aspirational brands’ and Lin is uniquely positioned to align their messages. I predict Lin will become one of the most effective brand- building tools for Harvard in China.

As the makers of Reese’s peant butter cups would say, It’s two great tastes in one.

You can’t blame Jeremy Lin for this…and in a way, I suppose you can’t blame Harvard for acting like a giant corporation and trying to spread its brand in China. (In a way, though, you can.)

But given that the university’s renewed emphasis on its basketball programs appears to have contributed to an enormous cheating scandal, maybe this isn’t the time? Or—maybe never is the time?