The ad, created on behalf of the game's publisher Play It, uses the strapline "Go get 'em" and features a picture of Bin Laden on a playing card.
In the game, players are given the chance to track down and kill or capture the FBI's 10 most-wanted fugitives through a series of challenges. Unlike most games, 'Americas Most Wanted' uses real-life criminals, including Bin Laden.
To add further to the game's sense of realism it also uses real TV news footage from CNN.
The Advertising Standards Authority has already received 16 complaints about the ad, which is running as a 48-sheet poster.
The poster is made to look like a real wanted poster with a picture of "King of Clubs" Bin Laden and the line "Reward: Win 拢10,000 Cash".
People have said that the ad is offensive and insensitive, and also expressed concern that it could incite racial violence against Muslims.
It is not the first ad to cause trouble with Muslims. A 2003 poster ad for Adidas was at the centre of another controversy. It showed the sprinter Dwain Chambers naked except for a pair of trainers with explosives in the heels, and drew a number of complaints, including some from Muslims, saying that it was offensive and irresponsible in the wake of the case of "shoebomber" Richard Reid.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .