AFAIK not copyright per se in the traditional sense, but there is a "likeness right".
EDIT: See the NPR Planet Money podcast linked elsewhere in the comments. Apparently there are fairly specific laws to protect someone's likeness -- including their voice -- thanks to the entertainment industry and Frank Sinatra.
I guess he had a strong case because in all three cases he was (or so he claimed) approached to do a commercial and the advertisers went with a Waits-like surrogate after he declined.