The contract with Khan had expired last month and the company has chosen not to renew it, according to industry sources.
When contacted, Coca Cola India declined to comment.
The company's decision to not to renew the contract with the 50-year-old actor is more to do with the image of Coca Cola, which is seen as a young brand, a source said.
Khan has been among the top celebrity endorsers reportedly charging Rs 5 crore per year per brand. Recently, he had courted controversy when he supported Pakistani artists saying "they were not terrorists" in the wake of a debate on whether they should be allowed to work in Indian movies after the Uri attack.
Coca Cola India had roped in Khan as its brand ambassador for the second time to endorse its Thums Up brand in October 2012 replacing another Bollywood star Akshay Kumar. He had earlier endorsed the brand in early 2000s.
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