Stated Paul Fireman, Reebok chief executive: "We worked hard to look at the various ways in which we might make the most out of a partnership with Kobe, but in the end, we realized that we simply could not justify the costs."
Fireman explained that Reebok would instead be concentrating on its current endorsers, which include Philadelphia's Allen Iverson, and building its partnership with the NBA.
The company is in the second year of a 10-year agreement covering all of the league's uniforms, warm-ups and practice gear.
According to industry estimates, it is thought that players at Bryant's level typically command about $5million a year for endorsement deals.
Bryant last year paid $8m to get out of his multiyear contract with adidas and has since been in talks with rival brand Nike, as well as Reebok, regarding a potential sponsorship deal.
