The 7-Up deal, signed last month and set to run until the end of the year, would have seen Keane making personal appearances for 7-Up and appearing in an ad campaign.
The company is understood to be seeking legal advice on whether there has been a breach of contract.
Meanwhile, Walker's Crisps is also assessing the damage done to its World Cup marketing campaign, which is also set to use Keane in a TV campaign. However, the company has so far declined to comment on the situation.
A spokesman for 7-Up said it was disappointed Roy Keane was no longer a part of the Irish World Cup squad, but that it would make "no further comment until the full facts are sorted out".
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