Coca-Cola has opted not to renew the footballer's annual contract worth more than £500,000.
Coca-Cola said in a statement: "Our contract with Wayne Rooney came to an end last year and we mutually agreed that we would not renew our relationship."
As reported by Marketing Magazine, the company said it was "proud" of the work done with Rooney over the years, including the TV show 'Coke Zero Street Striker' and the 'Rooney v Rooney' Powerade TV ad.
It added: "Our marketing plans have evolved to focus on our sponsorship of the London 2012 Olympic and Paralympic Games, and the upcoming launch of our plans for the Olympic Torch Relay. We wish Wayne well in his career."
The footballer faces a three match domestic ban after a rant to the camera during a live broadcast at the weekend. Rooney's contract with the soft drinks giant was first raised in September last year, when tabloid newspapers alleged he had used a prostitute after his marriage to his childhood sweetheart Colleen.
He was subsequently dropped from a Coke Zero campaign that was due to place the striker’s face on thousands of cans and bottles of Coke Zero.
Rooney recently signed a deal with publisher Harper Collins which has seen him earn a £5m advance for a five-book contract over 12-years - reported to be the biggest sports book deal in UK publishing history.
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Awww Bless him. Hows he gonna manage now?
Wait a minute, I've just read the rest. Bloody Hell. A five book deal? Surely being able to read and write would be a prerequisite for such a feat? Or maybe he's outlining story lines for Roger Mellie.
What worries me about these guys is that their attitudes are only going to get worse. Kids looking at them will think it's how they should behave and so the behaviour devolves. Coke will one day hire an unshaven caveman to be it's brand ambassador...oh wait, that was Rooney. How does it get worse?
Chapter One - How I scored at Old Trafford
Chapter Two - How I got a fine for losing it in the World Cup
Chapter Three - How I scored at Pinkies Massage Parlour
Chapter Four - How I scored at Home
Chapter Five - How I got a fine for mouthing off on Sky
Chapters Six onwards see Chapters One to Five, repeat to end of book
Book Two, see book one, etc. etc.
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Foul mouth, overpriced, dressed in red; Rooney has Coke written all over him, perfect synergy.
I'm sure it's only a 5 magazine deal.
This will cripple Rooney!
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