A spokesman for the shoe and apparel company confirmed the news Thursday.
Nike suspended its contract with Peterson on Sept. 17, meaning it stopped paying him and would not consider him for use in its advertising.
Morals clauses in endorsement contracts allow for companies such as Nike to terminate deals with its athletes depending on the level of transgression.
Peterson's no-contest plea this week to one count of misdemeanor reckless assault on his 4-year-old son most likely gave Nike the ability to cut its deal with Peterson without any financial penalty.
Peterson is the fourth athlete who lost a Nike deal this year.
Nike previously severed its deals with former Baltimore Ravens running back Ray Rice, Olympic sprinter Oscar Pistorius and UFC fighter Jon Jones.
Peterson previously lost endorsement deals with Castrol and EpiPen when he was brought up on charges.