Pietersen has been the brand's 'Brylcreem Boy' since 2009, following a line of other sportsmen who have fronted the brand, including David Beckham. In the 1960s, England cricketer Denis Compton fronted the brand's advertising.
Pietersen's deal is thought to be worth £2m over two years.
A spokesman for the brand told The Mail on Sunday: "We have used sport in the past and it's not the case that we definitely won’t use sports people again.
Last year, Brylcreem launched a limited-edition, cricket-themed pack to coincide with the start of the winter's Ashes Test series in Australia.
The red cricket ball-shaped tub, created by Echo, carried Pietersen's signature and contained a new product called Brylcreem Paste.Follow @johnreynolds10