The £6 million ad features 16 famous sporting stars, including tennis pro Emma Raducanu, Olympic gold medallist Jessica Ennis-Hill as well as England goalkeeper Jordan Pickford.
Sports Direct, which has stores across Birmingham, unveiled the ad following the release of John Lewis, Marks and Spencer, TK Maxx and Boots' Christmas adverts.
The £6 million sum pales in comparison to Grealish's £100m move from Villa to Manchester City earlier this year.
After a difficult Christmas for businesses last year because of Covid lockdowns, the sports retailer is hoping the ad will get people back out on the high street.
Beckie Stanion, a spokeswoman at Sports Direct, said: “After the challenges the nation has faced over the past year we’re excited to encourage everyone to Go All Out this Christmas with the help of some of the country’s biggest sporting legends.“Whether you’re working on legs like Jack Grealish, sprints like Jessica Ennis-Hill or backhands like Emma Raducanu, it’s time to shrug off the cold, step out and make this season your best one yet.”