The actor, father of Angelina Jolie and star of the film Midnight Cowboy, suggested readers should boycott the magazine. He made the comments in an interview with former Republican presidential candidate Mike Huckabee, who also criticised the Time story.
The Jewish police officer who was at the receiving end of Mel Gibson’s antisemitic slurs has sued his department for harassment.
After the Hollywood star was arrested for drunk driving in 2006 Mr Gibson reportedly said: "The Jews are responsible for all the wars in the world".
Deputy James Mee, who made the arrest, has claimed that the Los Angeles County Sheriff's Department asked him to remove the comments from the arrest report because of friendship between the actor and Sheriff Lee Baca.
More than 150 Hollywood stars have voiced their support for Israeli artists refusing to perform in the West Bank.
Sex and the City actress Cynthia Nixon, along with playwright Tony Kushner and British actress and well-known activist Vanessa Redgrave, have all signed a letter drafted by an American organisation known as the Jewish Voice for Peace (JVP).
In August a group of Israeli artists, actors and academics announced that they would boycott performances at the Ariel cultural centre in the West Bank as a symbol of their opposition to the settlements.