Extraordinary magnetoresistance effect has been found in Ni/Co sputtered multilayers. Magnetoresistance values higher than 130% are achieved at room temperature with a saturation magnetic field of 35 Oe, using a particular arrangement of contacts. The large anisotropic magnetoresistance and the low coercivity of these samples are the origin of such an outstanding property. The results reported here seem to have promising applications in magnetoresistive devices. ©1995 American Institute of Physics.