No, it's pronounced in two syllables, as so: "Ni-key", with the first syllable pronouncing the I as in the word "I". It's named after the Greek goddess of victory.
I like pointing people to how they pronounce "Penelope", it's a similar thing. Although calling people with that name ~"Penny-Lobe" would be fun!
True, it doesnβt rhyme with βNikeβ. It does cough through the tough bough, though