More than 1,200 complaints have poured into media regulator Ofcom over instances of alleged abuse and racism by participants on the show.
Ofcom is currently investigating several incidents, including housemates being called "retards" and a black contestant being branded a "gorilla".
A spokeswoman for Schwarzkopf refused to be drawn on whether the firm was reconsidering its £2m deal, which was agreed earlier in the year with the Richard Desmond-owned broadcaster, reports The Guardian.
"We are prevented by law from influencing editorial content or policy as this responsibility rests firmly with the makers of the show," she said.
"We will continue to closely monitor the situation, but it would not be appropriate to comment any further at this stage of Ofcom's investigation."
Around 1,108 complaints were submitted to Ofcom after housemate Conor McIntyre's abusive rant about Miss India UK Deana Uppal last month.
In the rant, the Northern Irishman said that Uppal (below left) was "a piece of s**t" and that he wanted to "punch" her.
He later apologised to Big Brother about his comments, and Channel 5 said that there would be no further action from their side.
However, the current series of Big Brother has also attracted complaints after contestant Caroline Wharram branded housemate Adam Kelly (above right) as a "ridiculous gorilla... with no sanitation".
More complaints were submitted after former housemate Victor Ebuwa said in spinoff show Bit on the Side that the current crop of contestants were "functioning retards".
Schwarzkopf's sponsorship deal, agreed by parent company Henkel, makes it the official sponsor of Big Brother, along with the celebrity edition coming later in the summer and spinoff show Big Brother's Bit On the Side.
The deal is also understood to include product placement for brands such as Right Guard deodorant and Theramed toothpaste.
A source in a media buying agency told The Guardian that it is unlikely that TV advertisers will back off from the popular show until there is a firm ruling from Ofcom.
"It is a case of innocent until proven guilty," he said. "There are no rumours of anyone set to pull a campaign.
"However even though there were only a few complaints about racism if that turned out to be upheld by Ofcom then I would expect there to be a definite advertiser reaction."
In a statement last month, Channel 5 said: "Channel 5 is committed to complying with Ofcom's broadcasting code and will help to facilitate a speedy investigation into this particular episode of Big Brother and Big Brother's Bit on the Side."
Latest house pictures:
Copyright: Channel 5