The move by the shoe and clothing company is the latest fallout in the doping scandal surrounding the former cyclist, who now admits he used performance-enhancing drugs to win the Tour de France seven times.
Nike had a licensing agreement for Livestrong apparel and footwear, and helped push the Livestrong brand globally. Most notable was Nike's creation of the yellow wristband with the foundation's Livestrong logo that became an international symbol for cancer survivors.
Nike dropped its personal sponsorship of Armstrong in October after the U.S. Anti-Doping Agency outlined years of doping by Armstrong and his former U.S. Postal Service teammates.
Officials at Livestrong said Tuesday the charity remains strong and committed to helping cancer patients worldwide through its survivorship programs.