"Nothing on You" appears on Sheeran's chart-topping last album, "No.6 Collaborations Project," which arrived last month.
The song notably features English rapper Dave and Argentinian musician Paulo Londra, who is the first Hispanic artist to collaborate with Sheeran on one of his singles.
The three artists appear on the new music video for "Nothing on You," which was directed by Cxrter Saint and Kamcordings.
The visual follows Sheeran, Londra and Dave on a late-night bike ride around London, as they trade verses about the nature of romantic chemistry.
"I feel it, can you feel it tonight?/I feel the fire between you and I/I mean it, don't you turn off the light/Though I don't wanna leave you ever, no," Sheeran sings in the opening verse of the track.
The clip also features scenes in which the trio is performing the song in a warehouse, among massive shipping containers.
"Nothing on You" is the latest single from "No.6 Collaborations Project" to receive a visual, following "Antisocial" featuring Travis Scott, "I Don't Care" with Justin Bieber, "Cross Me" with Chance the Rapper and PnB Rock, as well as the Khalid-assisted "Beautiful People."
Sheeran also revealed the video for "Blow," in which the vocalist and guest collaborators Bruno Mars and Chris Stapleton are replaced by an all-female rock band.
More recently, Sheeran broke the record for the most attended and highest-grossing tour of all time with his Divide Tour, which is set to close this August after a two-and-half year run.
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