The contract is believed to be worth more than $10m (£6m) and the Swiss firm are the sixth major sponsors to drop Woods following revelations about his personal life two years ago.
The Swiss watchmaker suspended use of Woods’ image in the US after details of his extramarital affairs came to light following a 2009 crash outside his Orlando, Florida home.
Woods was accused of cheating on his wife Elin Nordegren with as many as 14 women, including high class escorts and Las Vegas cocktail servers.
He was also linked to several porn stars who claimed they had affairs lasting several years with the golfer who has always prided himself on his clean cut, family image.
The series of allegations was reported to have cost Woods more than $25m in sponsorship deals.
Other major sponsors, including Nike and EA Sports, stood by the sportsman who ended up paying his wife almost $100m in a divorce settlement. Golf websites also reported that Woods has had his sponsorship pay cut by Nike for failing to win any major tournament in the last two years.
Since his private life was laid bare Woods has not won a single tournament and has struggled to find his best form.
He made his comeback after a three-month layoff from knee and Achilles injuries this week at the WGC-Bridgestone Invititational in Akron, Ohio this weekend, his first tournament back from injury after almost a three-month layoff due to knee and Achilles injuries.