The painted mural appeared on a brick wall on Vyse Street in the city’s jewellery quarter on Monday (9 December).
In a video posted to Banksy’s Instagram page, a homeless man named Ryan can be seen having a drink before settling down on a bench with his belongings.
As the camera pans outwards, a pair of reindeers can be seen painted next to the bench, appearing to carry him away into the star-filled sky.
The caption with the video reads: “In the 20 minutes we filmed Ryan on this bench passers-by gave him a hot drink, two chocolate bars and a lighter – without him ever asking for anything.”
Last month, one of Banksy’s 2008 murals was uncovered in Notting Hill.
The artwork – depicting an artist with an easel writing “Banksy” in big red letters – had been obscured by scaffolding on the corner of Acklam and Portobello Road since 2008.
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