What is the ruling on throwing away a Coca-Cola can that has on its overturned label a phrase resembling: "No Muhammad, no Mecca"?

The phrase written is foreign and has no connection to "No Muhammad, no Makkah." This association is a reprehensible fabrication. Sheikh Khalid Al-Sabt explained that reading a foreign word in Arabic and in reverse to produce "No Makkah, no Muhammad" is unreasonable, because it is a foreign word and not Arabic, and reading it in reverse is illogical. Furthermore, the resulting phrase "No Makkah, no Muhammad" is meaningless.

Therefore, there is no impediment to discarding a package with such a phrase written on it, as there is nothing religiously venerated in it. However, it is more cautious to avoid doing so, as some scholars hold that letters inherently possess sanctity, even if they are not in Arabic.