Victoria Beckham has announced that she will not be renewing her contract with Emporio Armani.

The 35-year-old’s underwear campaign for the label – in which she features alongside husband David Beckham in a series of sizzling shots that show off her incredible physique – was estimated to be worth £12 million a year.

But the mum-of-three, who has just been named as a judge on the next season of American Idol, has decided to scrap it in order to focus on her fashion range for the upcoming season.

A source close to the star said: “Professionally, she has never been busier. “She has her dVb 2010 collection to launch and will be in New York for Fashion Week.

“There are only so many hours in the day.”

Meanwhile, the rumor mill has gone into overdrive following speculation that Transformer actress Megan Fox may be the one to replace Posh.

According to Perez Hilton, there are ‘loud whispers’ that images of the 23-year-old in nothing but Armani underwear could soon adorn billboards across the globe.

Source: OK UK