Since it's not the exact trademarked slogan, it seems the answer would be straightforward - but I've learned that trademark/copyright law is anything but.
If the phrase, "Float like a butterfly, sting like a tuna melt" were used to advertise a product (not actually going to - just an example), would the owners of Ali's intellectual property have grounds to take action?
Evidently, the original slogan was used verbatim in an advertisement for an e-reader where the boxer's name was also used. This resulted in action against the e-reader manufacturer for, among other things, use of the slogan.
Would such advertisements be at risk if they were modified as shown above? And, of course, were devoid of mentioning/claiming any association with the owner of the original slogan.
I found another answer somewhat similar to this context but it pertained to writing. Any links to supporting material would be greatly appreciated. Unfortunately my Google skills only go so far in this domain.