The advert was shot in Rio de Janeiro, where this summer’s World Cups finals will finish on July 13, and features the likes of Lionel Messi, Sergio Aguero, Robin van Persie, Jack Wilshere, David Luiz and several other European-based stars all enjoying themselves in Brazil.
Messi is seen casually standing in the street minding his own business and reading the newspaper - with himself on the front page, naturally - while Aguero and Luiz are sat outside a caravan, enjoying the sun and a few bottles of ice-cold Pepsi Max.
Wilshere and Sergio Ramos show off a couple of fancy tricks, Van Persie takes part in a little bit of chanting once Janelle Monae starts her rendition of the David Bowie classic ‘Heroes’ and, by the end of the clip, everyone’s having a whale of a time in Rio.
The advert's slogan is 'Now is what you make it', while the hashtag #FutbolNow is already proving popular on Twitter.
Pepsi - and other giant multinationals - are beginning to release their World Cup adverts with just a matter of weeks to go before the showpiece tournament starts.
The tournament's first match, between Brazil and Croatia, takes place on June 12 in Sao Paulo.
Do you like Pepsi’s new advert? Have your say in the comments section below.
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