Jon Jones is OUT at
Reebok -- with reps for the sports apparel company telling us they're 86'ing the UFC star over his recent arrest in New Mexico.
A rep for Reebok tells
TMZ Sports ... 'In light of recent events, we have made the decision to terminate our contract with Jon Jones, effective immediately.'
Jones has been with Reebok since December -- when the company signed both Jon and
Ronda Rousey to big sponsorship deals.
The news comes in the wake of the UFC
suspending Jones indefinitely and stripping him of his title after he was
arrested for felony hit and run in Albuquerque.