The allegations were splashed on the front page of the Sunday Mirror tabloid at the weekend, detailing an extramarital affair and alleged use of cocaine.
Nesbitt, who also starred in the controversial 'Bloody Sunday' drama earlier this year, had been due to appear in a 拢150,000 campaign promoting shopping in Belfast in the run-up to Christmas.
However, the Ulster-born actor and father-of-two has been edited out of the television campaign after Belfast city officials feared that his presence in the ads might have a negative impact following the stories of adultery and drug abuse.
A spokesman for the Belfast City Visitor and Convention Bureau, said: "Following recent media allegations in respect of Mr Nesbitt, it has been decided to withdraw him from the current campaign for Belfast. Work is already advanced on a revised TV commercial, which should be ready to be screened this weekend."
Nesbitt is the second actor from ITV's drama hit 'Cold Feet' to be dropped from an advertising campaign following stories in the tabloids.
Last month, Lloyds TSB said it was rethinking its multimillion-pound brand campaign after 'Cold Feet' actor John Thomson made headlines for smashing up his home in a drunken rampage.
The UK's third-largest high-street bank is in talks with its agency, Rainey Kelly Campbell Roalfe/Y&R, about whether to continue the campaign following Thomson's high-profile problems.
Thomson had earlier this year caused the bank embarrassment following his conviction for drink-driving because in one ad he was promoting Lloyds TSB's car insurance service.
'Cold Feet' star Thomson, who plays Pete Gifford in the ITV1 comedy drama, had been appearing in a Nescafe Gold Blend-style will-they-or-won't-they campaign with actress Joely Richardson. One spot had the two exchanging phone numbers after Thomson's character Danny drives into the back of Richardson's car.
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