In a statement Nike shared with CNBC, it said it was “deeply concerned by the disturbing allegations" and had "suspended Deshaun Watson."
"We will continue to closely monitor the situation,” it said.
Two women, Ashley Solis and Lauren Baxley, went public with their accusations against Watson on Wednesday as a police report was filed.
The Texans quarterback is facing 22 civil suits, mostly from massage therapists, who accuse Watson of sexual misconduct and assault in massage sessions between 2020 and 2021.
Watson has denied the allegations, and his attorney Rusty Hardin said Tuesday that the claims against Watson come from failed blackmail attempts.
The NFL last month began investigating the allegations against Watson.