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The dropping of Tendulkar comes on the backdrop of Pepsi axing the other two members of the Indian batting trioka --Rahul Dravid and Sourav Ganguly -- earlier this year.
Industry sources said Pepsi did not renew the contract with Tendulkar, who has been their brand ambassador since the 90s, following its decision to focus on younger cricketers.
"The decision was also influenced in a big way by a premium demanded by the batting maestro," the sources added.
As per market estimates, Tendulkar with a fee ranging between Rs 3-4 crore for endorsement per brand annually has been the most highly paid cricketer of his generation.
When contacted Pepsi officials refused to comment or clarify if the company has not renewed the contract.
Tendulkar's manager, the World Sport Group, was not available for comments despite repeated attempts.
Pepsi had made it clear its intention to go with youngsters as part of a new campaign for 2008, 'Yeh hai Youngistaan Meri Jaan' and roped in Ishant Sharma and Rohit Sharma while dropping Dravid and Ganguly.
Hinting the company was having second thoughts over Tendulkar's contract, in an earlier interview with PTI in April, PepsiCo India Executive Director Punita Lal had said: "Its about how much you (as a company) can afford and how many new faces you want to introduce".
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Ok all you geniuses with the "sidewalk" and "breakfast-linch-dinner-talk", I guess even you must be getting all three .. How much have you done for people on the footpaths? Why does India expect everything from Sachin only? Just because he doesn't come out and say anything? Just because he is cultured enough not to do small talk in media? Grow up, India. Ganguly, Sehwag, Dravid, the reigning captain Dhoni .. even idiots like Parthiv Patel and non deserving candidates like Rohan Gavaskar have earned tons from endorsements .... Try saying something to them once in a while. And for the Mahatma who said Sachin retired in 2001, I guess he has forgotten the historic 24 April India vs Australia. I haven't purposefully mentioned the year, because I want you to go and find out so that you realize how much the Master Blaster has done for the country and the game. Grow up India, grow up.