A Nike official told ESPN on Friday that Winston's deal expired and the company elected not to renew the former No. 1 overall draft pick.
Sources say Winston's contract expired before the NFL announced he would be suspended for the first three games of the regular season for violating the league's personal conduct policy. The violation relates to a 2016 incident in which Winston was accused of groping a female Uber driver.
Winston apologized in a statement following the suspension, after denying seven months before that the incident took place.
Nike's biggest bets on former Heisman Trophy winners haven't panned out. In 2010, they signed Tim Tebow, whose career on the gridiron faltered. In 2016, when he switched to baseball, he went to Adidas.
Nike signed Johnny Manziel in 2014, but ended the relationship the following year because of his off-field troubles.
What Winston will replace the Nike swoosh with is unknown. Calls to Winston's marketing agent, Russ Spielman, were not returned.